The ongoing Ripple vs. SEC case has been the talk of the town as the January 15 deadline looms closer. There is a lot of speculation surrounding the case, with many curious about how it will unfold. Legal expert Jeremy Hogan recently suggested that the case could potentially settle in April or May, which could bode well for XRP holders. However, some are questioning the need for a settlement if the SEC lost the case.
Former SEC attorney Marc Fagel shed some light on the situation, explaining that the SEC did not completely lose the case; rather, they had partial victories and losses. Both Ripple and the SEC have filed appeals for the parts of the case they were unhappy with, exercising their legal rights. Fagel clarified that the court sided with the SEC by determining that Ripple had unlawfully sold over $700 million in unregistered securities, particularly in institutional sales, and imposed a $125 million penalty on Ripple for the violation.
However, both parties are currently in the midst of appealing the unfavorable aspects of the case. As a result, the penalty has been put on hold until the appeal process reaches a resolution. Fagel mentioned that the new SEC administration may opt not to pursue the appeal further, potentially setting the stage for a settlement aligned with the court’s previous ruling.
SEC Under Paul Atkins:
President-elect Donald Trump has nominated Paul Atkins, a former SEC Commissioner, to take over as the next chair of the SEC. Atkins, who previously served as an SEC commissioner during President George W. Bush’s tenure, will succeed the outgoing SEC Chair, Gary Gensler, who is scheduled to step down on January 20, 2025. Experts view Atkins as a strong and seasoned choice due to his understanding of the significance of regulation and oversight, particularly within the securities market.