The post XRP Lawsuit News: Will the New SEC Administration Decide Not to Pursue the Appeal? appeared first on Coinpedia Fintech News
The ongoing Ripple vs. SEC case has been generating buzz as the January 15 deadline approaches. Speculation surrounding the case has intensified, with many wondering how it will ultimately play out. Jeremy Hogan, a well-known legal expert, recently suggested that the case might settle in April or May, which could lead to a favorable outcome for XRP holders. However, some have raised questions, asking why a settlement is necessary if the SEC lost the case.
Former SEC attorney Marc Fagel provided clarity on the matter, explaining that the SEC did not lose entirely; rather, they won in part and lost in part. Both parties have appealed the portions of the case they were dissatisfied with, as is their legal right. Fagel elaborated that the court ruled in favor of the SEC by agreeing that Ripple had illegally sold over $700 million in unregistered securities, particularly in institutional sales, and imposed a $125 million penalty on Ripple for the violation.
Despite this, both Ripple and the SEC are currently in the process of appealing the aspects of the case they lost. This has led to the penalty being put on hold until the appeal process is resolved. Fagel noted that the new SEC administration may decide not to pursue the appeal further, potentially paving the way for a settlement in line with the court’s previous ruling.
SEC Under Paul Atkins:
President-elect Donald Trump has selected Paul Atkins, a former SEC Commissioner, to become the next chair of the SEC. Atkins, who served as an SEC commissioner under President George W. Bush, will replace the outgoing SEC Chair, Gary Gensler, who is set to depart on January 20, 2025. Experts believe that Atkins is a solid and experienced pick because he understands the importance of regulation and oversight, particularly within the securities market.