The US Securities and Exchange Commission (SEC), which has adopted a more moderate stance under the Donald Trump administration, has retreated from the majority of significant cryptocurrency cases initiated during the tenure of its former Chairman Gary Gensler.
As a result, the new SEC administration is sequentially dropping lawsuits against cryptocurrency companies and closing investigations. At this juncture, SEC member Hester Peirce, who leads the SEC’s newly established Crypto Task Force, has fulfilled her promise to “rescue” the SEC from various crypto-related lawsuits. The SEC has withdrawn its lawsuits against Robinhood, Coinbase, and ConsenSys, while suspending its lawsuits against Binance and Tron (TRX).
Ultimately, the SEC also dismissed its lawsuit against cryptocurrency exchange Kraken.
However, not all companies are shielded from the potential threat of SEC lawsuits. Cases filed against crypto companies during Gensler’s tenure are still ongoing, including those involving Ripple, Cumberland, DRW, and Pulsechain. Additionally, investigations into Unicoin, Crypto.com, and Immutable remain open.
The cryptocurrency industry is anticipating the resolution of the prolonged Ripple case, following the cases involving Binance, Tron (TRX), Coinbase, and Kraken.
As the countdown continues for favorable news in the Ripple case, former White House Communications Director Anthony Scaramucci asserted that the SEC has dropped its lawsuit against Ripple.
Scaramucci made this bold assertion regarding the Ripple-SEC situation in a recent podcast with Scott Melker. During the interview, Scaramucci enumerated some of the cases that the SEC has dropped and interjected that Ripple should be included in that list.
While Scaramucci claimed that the Ripple case had already been dismissed, the SEC has yet to make an official announcement regarding the Ripple case. The SEC-Ripple case continues to be heard in the Court of Appeals.
*This is not investment advice.
