SEC Round Table to Spotlight the Ripple Case
On Monday, June 9, the SEC will hold its next round table on crypto regulation, potentially discussing the ongoing Ripple case. According to the agenda, SEC Chair Paul Atkins and SEC Commissioners Caroline Crenshaw, Mark Uyeda, and Hester Peirce are on the docket to deliver opening remarks.
In May, Commissioner Crenshaw dissented against the SEC and Ripple settlement agreement and joint filing, stating:
“This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws. This is not a settlement I can support.”
With the SEC having dropped other high-profile cases, including lawsuits against Coinbase (COIN) and Binance, this may be the Commissioner’s opportunity to voice discord against the SEC’s changing attitudes toward crypto regulation.
References to the Ripple case may also offer insights into the SEC’s plans.
Since the US Court of Appeals granted a joint motion to put the SEC’s appeal on ice to allow both parties to settle, Judge Analisa Torres rejected a motion for an indicative ruling on settlement terms. Judge Torres denied the motion, citing procedural errors and inadequate arguments that a settlement serves the public and institutional investors.
However, the SEC is on the clock to file a second request for an indicative ruling. The Court of Appeals ordered the SEC to file a status report on settlement proceedings by June 16.
An indicative ruling is crucial as it could determine whether Ripple pursues its cross-appeal and whether the SEC progresses its appeal against the Programmatic Sales of XRP ruling.
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