There are several reasons why the SEC and Ripple have yet to reach a settlement while other prominent crypto cases have found resolution.
In recent weeks, the Securities and Exchange Commission (SEC) has been on a dismissal spree. First Coinbase, then Consensys, Gemini and OpenSea. Yesterday, it was Kraken. One by one, virtually every high-profile enforcement action of the era of former SEC chair Gary Gensler has fallen.
This signals to the cryptocurrency industry that US President Donald Trump’s administration will not govern like the last. Indeed, Commissioner Hester Peirce, who is currently serving as head of the SEC’s Crypto Task Force, released a public statement explaining that the SEC would not be regulating by enforcement anymore:
“The decision by the previous Commission to shift this function to the Division of Enforcement by engaging in a large-scale regulation-by-enforcement initiative harmed the American public, adversely affected the industry, and impeded the ability of the Commission’s skilled and dedicated professional staff to use their expertise as it was intended to be used.”
