Ripple Case and Crypto Lawsuits to Potentially Impacted by New SEC Leadership, Says Former SEC Official
Former SEC lawyer, Marc Fagel, recently discussed the potential impact of shifts in the Securities and Exchange Commission’s leadership on ongoing crypto lawsuits, particularly the high-profile Ripple case. Fagel emphasized that while a change in leadership may not directly alter ongoing enforcement actions, it could influence priorities for future cases and broader crypto regulation.
In response to a query from popular crypto influencer Jungle Inc about the potential impact of a pro-crypto administration on the SEC’s approach toward crypto, Fagel explained that historically, new SEC administrations tend to refrain from interfering with ongoing enforcement actions. However, he noted that a new administration could change priorities for future cases, which might impact settlements or appeals. He suggested that under a new crypto-friendly administration, the Ripple case settlement and appeals process could be influenced.
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Further, Fagel indicated that the SEC’s heightened scrutiny of the crypto industry under current Chairman Gary Gensler reflects a shift from the previous administration’s focus on specific violations such as initial coin offerings (ICOs).
He attributed the increased enforcement actions to significant fraud cases involving FTX, Celsius, and Terra Luna, which have prompted the SEC to tighten its enforcement. While emphasizing that enforcement actions are generally apolitical, Fagel cautioned that a less aggressive stance might lead to intensified actions in response to future major scandals.
Fagel’s insights offer valuable perspectives on the potential implications of changes in SEC leadership on ongoing crypto lawsuits and future crypto regulation.
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