The U.S. Securities and Exchange Commission (SEC) might be on track to freeze non-fraud cryptocurrency cases that are pending in the courts, according to a recent report by Reuters. Some of these cases might end up being dropped, according to anonymous sources cited by the outlet.
The report says that the agency will start overhauling its crypto policies immediately next week following the departure of SEC Chair Gary Gensler.
The agency's Republican majority, which will consist of commissioners Mark Uyeda and Hester Peirce, will start working on clear rules that will help to make it easier to define whether a certain token is a security.
The price of XRP, the controversial Ripple-affiliated token, has now surged to a multi-year high of $2.97, according to CoinGecko data.
The price of Bitcoin is now approaching the $100,000 mark following the latest news report.
Last month, Paul Atkins of Patomak Global Partners was picked last December to replace Gensler. This pick has been widely praised within the cryptocurrency space, with major industry players expecting a crypto policy U-turn.
Gensler's final move against Ripple
In the meantime, the agency is on track to file its opening brief in its appeal against Ripple.
As reported by U.Today, the SEC refused to postpone the filing of the opening brief.
It is not clear whether the SEC will halt the appeal process in the Ripple case.
Earlier, Stuart Alderoty, Ripple's top lawyer, urged the incoming SEC boss to put an end to all non-fraud cryptocurrency cases.
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Gamza Khanzadaev
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin