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The crypto sector was jubilant on Friday when Coinbase announced that U.S. securities regulators were about to dismiss a legal lawsuit against the crypto exchange.
The surprising U-turn by the SEC has sparked various reactions across the crypto community, including the XRP community, which is optimistic about the resolution of the Ripple v. SEC lawsuit, which is now in the appeals stage.
In reaction to Coinbase news, former SEC official John Reed Stark predicts that "the Ripple appeal is also most certainly next in line for dismissal."
Dan BurginAlong these lines, lawyer and XRP enthusiast Jeremy Hogan believes an earlier resolution is definitely in play, predicting the first half of April or May. In another X response, Hogan stated he was "sticking with April" on the resolution of the Ripple lawsuit.
Hogan in an earlier tweet highlighted that the SEC seems to be dealing with crypto litigation as deadlines come up, which means they are dismissing or requesting extensions as a deadline nears. For Ripple, the next deadline in its case is April 16, which is why it has not been dealt with yet.
What's next in Ripple's lawsuit?
Recent discussions in the crypto community have focused on whether the Ripple lawsuit resolution might take a similar path to Coinbase's.
Fox Business correspondent Eleanor Terrett weighs in, stating that the Ripple case might be more procedurally complex than Coinbase because of an existing order from Judge Torres at the district level to pay $125 million in penalty.
Tomiwabold OlajideTerrett shared a screenshot of a part of the final judgment that highlighted that Judge Torres will retain jurisdiction over the case for a year (until Aug. 7, 2025) to make sure the terms of the order are met.
"While the SEC could choose to drop the appeal at the Second Circuit, they would also need to figure out how to approach the district court and possibly come to an agreement on the penalty ruling (reduce or ask to drop) and presumably get Torres’s blessing as the presider," Terrett noted.
Meanwhile, optimism lingers as the SEC makes a never seen before kind of radical turnabout in its enforcement policy, according to former SEC official John Reed Stark. The SEC has recently halted two crypto appeals and issued five enforcement "crypto-pauses" in the last few days. The SEC is also closing its investigation into OpenSea, marking another win for the crypto industry.
Dan Burgin
Vladislav Sopov