As a seasoned observer and researcher in the field of finance and law, I find myself deeply intrigued by the recent developments within the U.S. Securities and Exchange Commission (SEC). The words of former SEC official John Reed Stark resonate with me, as they echo sentiments I’ve had for quite some time regarding the agency’s ability to effectively regulate the rapidly evolving cryptocurrency industry.
According to former SEC official John Reed Stark, the U.S. Securities and Exchange Commission appears to be finished or no longer effective. In simpler terms, he stated that one could say the SEC is “all cooked” or “completely done.
As per Stark’s statement, it appears that the Securities and Exchange Commission (SEC) may hardly file any legal actions involving the cryptocurrency sector in the upcoming years.
Currently, Stuart Alderoty, the top legal executive at Ripple, has suggested that Gary Gensler should resign on a voluntary basis.
In simpler terms, “John suggests that Gensler and those opposed to cryptocurrency could choose to step aside, or as an alternative, when the new chair of the SEC is appointed, they may use the internal procedures within the agency to replace them.
According to reports, Hogan anticipates Gensler stepping down from his position around early 2025. It’s important to mention that his term is set to conclude on June 5 after serving for five years, but he has faced criticism within the cryptocurrency community.
As a crypto investor, I understand that the Securities and Exchange Commission (SEC) is an autonomous body, and its commissioners serve terms that aren’t contingent on political alignment. Stark made this point clear when he said, “These commissioners have their own terms…You can’t just dismiss them because of disagreements in politics.” However, considering the current circumstances, I speculate that Gary Gensler might choose to step down from his position voluntarily in the coming days.
According to U.Today, Dan Gallagher, a key legal figure at Robinhood, appears to be the leading contender for the position formerly held by Gensler. It is expected that Commissioner Hester Peirce may serve as an interim head of the Securities and Exchange Commission (SEC).
What will happen to Ripple and Coinbase lawsuits?
As per the insights of legal analyst Jeremy Hogan, it’s expected that the newly appointed SEC chief might issue directives, often referred to as “marching orders”, for the dismissal of all non-fraudulent cryptocurrency investigations. He anticipates these ongoing cases may either be resolved through a settlement or dismissed altogether.
In simpler terms, the Ripple lawsuit will be concluded with a payout of approximately $125 million, while the Coinbase case has been dropped altogether. As for the timeline, Hogan advised that it might not be resolved until sometime before summer, but definitely not in January.
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2024-11-08 09:38