Ripple CEO Brad Garlinghouse has reacted to the SEC's surprising decision to drop the Coinbase case, claiming that the agency is now moving on "quickly" from the policies of the previous administration.
"Suffice it to say (as I know there are lots of impatient people, including me!), this SEC has demonstrated a clear interest in moving on quickly (!) from the failed regulation by enforcement policies of the last Administration," he said.
As reported by U.Today, Coinbase CEO Brian Armstrong announced that the agency would drop the case against the leading US exchange. Notably, the trading platform will not have to pay even a symbolic fine or offer any concessions.
Alex DovbnyaAttorney Jeremy Hogan has also noted that the case was actually dismissed with prejudice, meaning that it can be refiled at a later date.
"I guess this SEC is not waiting for Atkins to be confirmed before making big crypto moves," he said.
Even though the new SEC administration was expected to adopt a much friendlier stance toward crypto, the decision still caught a lot of industry participants by surprise.
Is Ripple next in line?
As reported by U.Today, former SEC official John Reed Stark has also predicted that the appeal against Ripple would be withdrawn in the near future.
Gamza KhanzadaevThis prediction has been echoed by Hogan. The legal analyst believes that the much-talked-about case will be dropped "soon."
It is possible that the SEC has yet to drop the Ripple case due to the fact that it is prioritizing cases with imminent deadlines. The SEC filed its opening brief last month. Ripple has also asked the court to file its cross-appeal brief by Apr. 16.
Dan Burgin
Vladislav Sopov