The post Post-Gensler SEC Drops Robinhood and Coinbase Cases, But Ripple Lawsuit Could Be Settled Last appeared first on Coinpedia Fintech News
In a surprising move, Robinhood announced that the Securities and Exchange Commission (SEC) has decided to drop its investigation into the trading app’s crypto division. This comes after a series of similar decisions made by the SEC regarding other high-profile crypto companies.
SEC’s Changing Stance on Crypto Cases
The decision follows weeks of significant changes in the SEC’s actions toward the cryptocurrency industry. Recently, the SEC dropped its case against Coinbase. The SEC even paused its case against Binance, another giant in the crypto space. These developments mark a stark contrast to earlier, more aggressive stances taken by SEC Chairman Gary Gensler, who previously targeted many crypto firms.
Could Other Crypto Cases Be Dropped Soon?
Following the drop of the Robinhood case, speculation is rising that the SEC may also dismiss cases against other companies, including Kraken, Uniswap, and Gemini. These companies have faced Wells notices, signaling possible legal actions, but industry experts now believe these cases may be dropped soon.
Reacting to the news, Metalawman commented that the SEC’s decision to close its investigation into Robinhood after issuing a Wells Notice hints at a possible recognition by the SEC that most crypto tokens are not securities. This shift in perspective could lead to the dismissal of cases against several other major crypto players, including Gemini, Kraken, Binance, and Ripple.
Ripple’s Case Remains Ongoing
While many are hopeful for more positive news, the ongoing case involving Ripple remains a focal point. Metalawman pointed out that Ripple is the only active crypto case with a final judgment in place. This means that the SEC and Ripple’s legal teams must negotiate a resolution regarding the judgment and the funds placed in escrow for it. These negotiations are expected to take time due to the complexity of the situation, placing Ripple’s case last on the list of potential dismissals.