The post XRP Supporters to SEC: Resolve Ripple Case Now That ‘Project Crypto’ Is Underway appeared first on Coinpedia Fintech News
On July 31, Paul Atkins, the Chair of the Securities and Exchange Commission (SEC), unveiled the “Project Crypto.” It is an initiative to modernize the securities rules and regulations to allow for crypto-based trading in the United States’ financial markets.
Now that Project Crypto is favoring clearer guidelines and regulatory boundaries, crypto experts are hoping that the SEC will implement its words into action and resolve the long-standing Ripple case.
Will the SEC Drop its Appeal with Ripple Amid Project Crypto?
One of the key goals of Project Crypto is to enhance innovation in America with cryptocurrency. However, industry experts believe that the SEC is punishing innovation by delaying the Ripple case. Currently, the case has approached a critical point, and the agency is expected to submit a status report by August 15, 2025.
Ripple has already done its part by dropping its cross-appeal and paying $125 million in penalties in June, as part of the settlement strategy. Now, the case requires a vote from an SEC commissioner, which may force an appeal withdrawal.
If the agency ultimately decides to withdraw, Judge Torres’s ruling will become final, formally establishing that XRP is not a security when sold on public exchanges.
Important Highlights of Project Crypto
Atkins urged the SEC staff to provide clear guidelines on crypto classification. He seeks to give proper definitions when a cryptocurrency is a security or subject to an investment contract. Additionally, the agency will explore exemptions and safe harbor for crypto securities transactions.
Project Crypto will also explore the crypto custody field— adapting existing rules for custody to accommodate crypto and make changes if required.
Atkins said that the SEC will also support the super apps as businesses that offer various services under one license. It will save the agency from regulating fifty-plus state licenses.
SEC is also expanding the innovation— allowing both registered and unregistered entities to quickly bring offerings to the market, even where they don’t neatly fit with existing regulations.
Chair Atkins stated, “We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America.”