SEC crypto regulation changes suddenly, Ripple's appeal may usher in a turning point
In the field of cryptocurrency regulation, a storm is quietly brewing. Did you know? The U.S. Securities and Exchange Commission (SEC)'s cryptocurrency enforcement plan is now showing signs of crumbling.
The SEC used to be vigorous in cryptocurrency regulation, but now it is in trouble. Legal actions have been withdrawn one after another, and the internal structure has been greatly reorganized. The voice of John Reed Stark, the former head of the SEC's enforcement department, on the social media platform X was like a bombshell, causing an uproar in the industry. He bluntly stated that, as expected, the SEC's case against Coinbase has failed, and shockingly, he asserted that the SEC's appeal against Ripple is likely to be the next case to be abandoned.
The SEC recently abandoned its appeal on whether cryptocurrency companies should be classified as securities dealers, and under the legal counterattack of industry groups, it had no choice but to abandon its attempt to expand its authority. Behind this, Acting Chairman Mark Uyeda has suspended cryptocurrency enforcement actions several times since taking office. This series of actions undoubtedly demonstrates a major change in the SEC's regulatory attitude.
Stark believes that the SEC is likely to abandon the case against Ripple Labs in the next step. The reason he gave is that the new SEC executives have made it clear that at least before the "Crypto Mom" working group completes its task, the SEC will no longer sue the court in any form, claiming that digital assets are securities. Not only that, the SEC also renamed the encryption department to the network department, and key figures related to encryption litigation have also been replaced. All these signs indicate that the SEC's encryption enforcement plan is undergoing an unprecedented major change.
It is reported that a letter from the US Department of Justice questioned the legal basis of the SEC's administrative judges, and it is expected that all SEC administrative judges will be fired immediately. Stark couldn't help but sigh that unprecedented weird things are happening at the SEC headquarters. In the history of the SEC, such a major change in enforcement policy has never occurred.
So, after this series of dazzling changes, what other surprising moves will the SEC make? What will be the final fate of Ripple’s appeal? All of this is like a fog, waiting for us to uncover it.
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