Former SEC Lawyer Reveals if Atkins Will Drop The Ripple Case

President-elect Donald Trump has selected Paul Atkins, former commissioner of the US Securities and Exchange Commission (SEC), to lead the agency. Atkins, who served under President George W. Bush, will replace outgoing SEC Chair Gary Gensler. 

After this big announcement, the financial community has been buzzing about the SEC’s alleged settlement offer to Ripple Labs and legal experts are split on whether the SEC will appeal the ruling or ask for more time

A user asked former SEC employee Marc Fagel about the likelihood of the SEC dropping the Ripple lawsuit, especially since it’s at the second court of appeals. Fagel responded, saying that while the SEC could technically dismiss the appeal, it’s difficult to predict. 

“The SEC could presumably dismiss the appeal. It’s hard to predict; Atkins is no fan of crypto enforcement actions, but he also respects the SEC and its mission and might be reluctant to take such a largely unprecedented, purely political step,” he wrote.

He explained that new SEC Chairman Paul Atkins is not a fan of crypto enforcement actions but also respects the SEC’s role. As a result, he may be hesitant to make such a politically charged decision.

What’s Next?

The outcome of Donald Trump’s election could have an impact on crypto regulation. Experts believe that under Trump’s leadership, the SEC may adopt a different approach to overseeing cryptocurrency. 

This could lead to more crypto-friendly policies and less aggressive enforcement. Furthermore, Trump has appointed David Sacks, a venture capitalist and co-host of the All-In Podcast, as the “White House AI & Crypto Czar.” Sacks, who is also the former COO of PayPal, is known for supporting Ripple in its ongoing lawsuit with the US SEC.  On December 5, Trump announced that Sacks would lead the Administration’s policies on Artificial Intelligence and Cryptocurrency, two key areas for America’s future competitiveness.