The SEC recently made big moves by dropping its case against Coinbase and halting the case against Binance, signaling a shift in the agency’s approach. Coinbase confirmed the case dismissal, and the SEC also decided to drop its case against the OpenSea NFT platform. However, the agency still has ongoing cases against Kraken Exchange, Uniswap, and Robinhood, with Wells notices already issued. The market is anticipating positive updates from the SEC, as any resolution would remove uncertainty and help stabilize the crypto market.
Ripple Case and SEC’s Future Plans
While the market eagerly awaits the conclusion of the Ripple case, it is expected to take more time, with some speculating the SEC may pause certain aspects of the case before taking further action. The SEC has also been scaling back its crypto enforcement efforts, including reassigning staff from its special enforcement unit. These changes signal a more balanced approach to regulation and could indicate a brighter future for crypto markets.
Despite the ongoing cases, things are heading in the right direction, and many believe that dropping these cases will benefit the overall market. Once the uncertainty around the classification of securities is addressed, prices are likely to rise as the market gains clarity.
Attorney Jeremy Hogan suggests that the SEC might pause certain parts of the Ripple case, like not filing any appeals, which would be a positive sign that they’re working toward wrapping it up, although it could take some time. This week, we might see some positive news, even if it’s just a signal that the SEC is planning to conclude its actions with Ripple.
Former SEC lawyer Marc Fagel stated that if the SEC drops its own appeal while Ripple has cross-appealed, it would constitute legal malpractice. He also pointed out that failing to collect a $125 million penalty, which a federal court ruled was owed for breaking the law, would be similarly negligent. Fagel believes a settlement, possibly adjusting to summary judgment terms, is the most likely outcome. When asked if this could extend past August 7, 2025, Fagel responded that it could happen at any time.
