The U.S. crypto industry was shaken by news that the Securities and Exchange Commission (SEC) would dismiss its lawsuit against Coinbase. This development has prompted speculation about its impact on the ongoing Ripple lawsuit.
SEC Drops Lawsuit Against Coinbase
Coinbase announced that the SEC agreed to drop its lawsuit against the exchange. This move sparked discussions within the XRP community on its possible influence on the Ripple case, which is currently on appeal. Former SEC Director John Reed Stark suggested that the agency might take similar steps with Ripple, raising hopes for the swift resolution of this prolonged legal battle.
Potential Resolution Timeline for Ripple v. SEC
Prominent attorney and crypto enthusiast Jeremy Hogan provided his perspective on when the Ripple-SEC legal battle might conclude. Hogan had previously forecasted an April or May timeline but recently suggested it could happen even sooner. 'An earlier resolution is definitely in play, but I’m still thinking it might be May. May or the first half of April. Just a hunch.'
Legal Complexities Surrounding Ripple’s Case
While some anticipate that the SEC’s decision on Coinbase may lead to a withdrawal of the Ripple appeal, Fox Business correspondent Eleanor Terrett highlighted the unique procedural challenges of Ripple’s case, such as a court-ordered $125 million penalty. Even if the SEC decides to drop its appeal, addressing this penalty is mandatory, requiring negotiations or a request for its removal.
The SEC's decision to drop the lawsuit against Coinbase could signal a similar shift in the Ripple case. Nevertheless, legal complexities and obligations require thorough consideration and discussion.
