John Reed Stark, ex-SEC honcho, predicts that the agency will soon hit the brakes on the Ripple appeal.
“Brace yourselves for a crypto-related appeals pause, or even better, a full-on withdrawal,” he said.
This comes after the SEC seems to have put the Coinbase case on ice.
Recently, the SEC told the Second Circuit that its shiny new crypto task force might help resolve its enforcement case against the top US cryptocurrency exchange.
Earlier this February, the SEC also asked for a two-month break in the Binance case.
These dramatic changes are happening after SEC Commissioner Mark Uyeda was appointed as the agency’s acting chairman on Jan. 20.
The SEC launched its cryptocurrency-focused task force, which aims to create clear rules for the industry, last month.
As reported by U.Today, Reed Stark previously opined that the SEC’s cryptocurrency unit was “dead and buried.”
The SEC’s new leadership recently demoted Jorge Tenreiro, the top litigator.
“I guess winning cases is not a measure of success under the new SEC regime. It is instead more worthy of a Scarlet Letter and disbandment,” he said.
Stark now believes that all informal and formal SEC crypto-related investigations will be brought to a “screeching halt.”
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2025-02-18 09:05