SEC Crypto Lawsuits Set To Fall After Gensler’s Departure
The post SEC Crypto Lawsuits Set To Fall After Gensler’s Departure appeared on BitcoinEthereumNews.com.
The rumors have been confirmed—SEC Chair Gary Gensler will step down from his role at the SEC in two months. For many, if not most in the cryptocurrency community, Gensler’s departure means the SEC’s “war” on the whole industry will soon come to an end. SEC Chairman will be leaving the U.S. securities agency on January 20, 2025. According to Katrina Paglia, chief legal officer at Pantera, many ongoing securities lawsuits against U.S. crypto businesses will probably fade away once the SEC Chair officially resigns. Paglia, speaking during a recent panel at the North American Blockchain Summit in Texas, predicted that the SEC will likely choose “settlements,” rather than following through on ongoing cases. She suggested that defendants might agree to pay penalties to settle the cases. “They’re going to quietly go away. The defendants will pay something,” Paglia said. See You Later Gary While the odds of withdrawal are higher with Gensler’s exit, it’s unlikely that the SEC will choose to go down this way. Paglia said the Commission may opt for subtle resolutions. Under Gensler’s tenure, the SEC has initiated a long list of legal enforcement against cryptocurrency businesses, including major entities like Ripple Labs, Binance, Coinbase, or Kraken. The queue of companies threatened by the SEC’s Wells notice is longer. Some known names that have been associated with warnings from the SEC are Consensys, Robinhood Crypto, Uniswap Labs, OpenSea, and Crypto.com. Pantera’s legal boss said she was hopeful that the SEC might issue no-action letters after Gensler’s term ends, which could help reduce litigation burdens. The widespread anticipation is that the new SEC leadership will take a different approach, which could be less tough and focused on clear guidance. Following Donald Trump’s presidential victory, a number of names have been brought forward as potential candidates for the…
Filed under: News - @ November 26, 2024 3:28 pm