KeyTakeaways:
- SEC delays in crypto cases linked to leadership changes.
- Pause in Binance lawsuit hints at strategic shift in SEC approach.
- Confirmation of Paul Atkins as SEC Chair expected to expedite case dismissals.
Top lawyers and former SEC officials are shedding light on the delays in resolving key crypto cases involving Ripple, Coinbase, and Binance. Legal experts have pointed to leadership changes within the U.S. Securities and Exchange Commission (SEC) as a primary reason behind the prolonged timelines in these cases.
The recent 60-day pause in the Binance lawsuit has sparked discussions regarding the SEC’s approach to ongoing crypto litigation. Binance and the SEC filed a joint motion to pause the proceedings, raising questions about the agency’s strategy.
Legal experts, including pro-XRP attorney James Murphy, suggest that this delay might be a tactical move to wait for Paul Atkins’s confirmation as the new SEC Chair. Murphy speculates that the current acting SEC Chair, Mark Uyeda, and Commissioner Hester Peirce may hold off on key decisions until Atkins officially takes over.
Coinbase Case and Interlocutory Appeal
As the February 14 deadline for the Coinbase case approaches, there are speculations about whether the SEC will implement a similar pause. However, Murphy does not expect a delay in the Coinbase lawsuit, pointing out that the case may proceed if the Second Circuit Court accepts Coinbase’s request for an interlocutory appeal.
Former SEC lawyer Marc Fagel also weighed in, explaining that decisions such as rescinding the Staff Accounting Bulletin 121 (SAB 121) do not require a commissioner vote. However, Fagel clarified that dismissing or settling cases would require a vote by the commissioners. While the current SEC leadership can still make decisions, many expect delays until Atkins assumes the chairmanship.
Focus on Leadership Changes in SEC and CFTC
Another shift that has captured attention is the recent appointment of Brian Quintenz as the new head of the Commodity Futures Trading Commission (CFTC). XRP advocates have welcomed his appointment, which they view as a positive move for the crypto sector.
Additionally, XRP lawyer Jeremy Hogan has indicated that Quintenz’s leadership could soon surpass the influence of the SEC, especially as regulatory clarity around digital assets continues to evolve.
