John Reed Stark, former director of the SEC Internet Enforcement Office, believes the agency will soon pause or withdraw its appeal in the Ripple case.
“Expect all crypto-related appeals, including the appeal of the Ripple matter, to pause or even more likely, to be fully withdrawn,” Stark stated, pointing to recent developments in the SEC’s enforcement strategy.
The SEC has already halted its case against Coinbase, telling the Second Circuit that its newly formed crypto task force could help resolve the dispute. In early February, the agency also requested a two-month pause in its Binance case.
These shifts follow Mark Uyeda’s appointment as acting SEC chairman on January 20. Under his leadership, the agency launched a cryptocurrency-focused task force aimed at developing clearer industry regulations. Previously, Stark had claimed the SEC’s crypto enforcement unit was “dead and buried.”
Further changes include the demotion of Jorge Tenreiro, the SEC’s former top crypto litigator. Criticizing the decision, Stark remarked, “I guess winning cases is not a measure of success under the new SEC regime.” Stark now predicts that all SEC crypto-related investigations, both formal and informal, will come to a “screeching halt.”
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