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 gradually 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 commitment 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 The SEC has withdrawn its lawsuits against Robinhood, Coinbase, and ConsenSys, while suspending its lawsuits against Binance and Tron (TRX).
Furthermore, the SEC also dismissed its lawsuit against cryptocurrency exchange Kraken.
However, not all companies are shielded from the risk of SEC lawsuits. Ongoing cases filed against crypto companies under Gensler include Ripple, Cumberland, DRW, and Pulsechain. Additionally, investigations into Unicoin, Crypto.com, and Immutable remain open.
The cryptocurrency industry is eagerly awaiting the resolution of the prolonged Ripple case, following the cases involving Binance, Tron (TRX), Coinbase, and Kraken.
As the countdown continues for favorable developments in the Ripple case, former White House Communications Director Anthony Scaramucci asserted that the SEC has dismissed its lawsuit against Ripple.
Scaramucci made this bold assertion regarding Ripple-SEC in a recent podcast with Scott Melker.
During the interview, Scaramucci proceeded to enumerate some of the cases that the SEC had withdrawn, suggesting that Ripple should be included in that list.
While Scaramucci contended that the Ripple case had already been dismissed, the SEC has yet to announce an official decision regarding the Ripple case.
The SEC-Ripple case continues to be considered in the Court of Appeals.
*This is not investment advice.