Ripple CEO Brad Garlinghouse responded to the U.S. Securities and Exchange Commission's unexpected decision to drop the lawsuit against Coinbase, saying that the SEC is now "quickly" moving away from the policies of the previous administration.
Garlinghouse said that the SEC obviously wants to get rid of the failed regulation of the previous administration through enforcement policies as soon as possible.
According to U.Today, Coinbase CEO Brian Armstrong announced that the SEC will drop the lawsuit against the major U.S. cryptocurrency exchange. It is worth noting that Coinbase does not need to pay any symbolic fines or make any concessions. Attorney Jeremy Hogan also pointed out that the case was actually dismissed with prejudice, which means it may be re-filed later.
Hogan said that it seems that the SEC did not wait for Atkins to confirm the position and rushed to take action on cryptocurrencies. Although it was widely expected that the new SEC management would take a more friendly attitude towards cryptocurrencies, the decision still surprised many in the industry. Will Ripple be next?
According to U.Today, former SEC official John Reed Stark also predicted that the appeal against Ripple would be withdrawn in the near future. Hogan shared the same view, saying that he thinks the high-profile case will be dismissed soon. Ripple's case may not have been dismissed by the SEC because the SEC is prioritizing cases that are about to expire. Last month, the SEC filed its opening brief. Ripple also asked the court to file its cross-appeal brief by April 16.
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