The announcement for which the whole crypto community was eagerly waiting has been done on November 21 by the securities regulator that Gary Gensler will resign from the post of SEC Chair on January 20.
There was a rumor sparking in the industry that the existing commissioner of the Securities and Exchange Commission, Hester Peirce, will be taking charge of crypto matters until the placement of another Chair.
Securities and Exchange Commission should first go to file motions in favor of dismissing and withdrawing their claims- Katrina Paglia.
An American hedge fund and venture capital firm, Pantera believe that the majority of securities proceedings against the crypto community in the US will probably quietly go away after the existing chairman of the US SEC resigns in January.
On November 21, a summit known as the North American Blockchain Summit was arranged in Dallas, Texas in which Katrina Paglia, the chief legal officer of Pantera said, In my belief, we are going to see some settlements.
She further went on to say that, the Securities and Exchange Commission should first go to file motions in favor of dismissing and withdrawing their claims. However, I don’t think that it will happen. I think it is too far away.
Possibly, some situations will be neither admitted nor denied based on some of these claims. They will exit quietly and the defendants will pay some amount.
The resignation of Gary Gensler
The chief legal officer further added that the regulator will be making some level of a statement and will get something in exchange for the time and energy that the government has so far spent and it will be really beneficial.
The announcement for which the whole crypto community was eagerly waiting has been done on November 21 by the securities regulator that Gary Gensler will resign from the post of SEC Chair on January 20.
Paglia is optimistic that the regulating body will not waste its resources in examining some of the organizations in the industry and some of the Wells notice and threats of legal actions from the body will also quietly leave the space.
She stated that, in my opinion, we are optimistic that we will be seeing no-action letters released by the SEC. Talking about a no-action letter is a written statement from a body that says it will not proceed with legal action against a body if it proceeds with a planned course of action.
SEC Commissioner will take charge
She also further added that there was a rumor sparking in the industry that the existing commissioner of the Securities and Exchange Commission, Hester Peirce, will be taking charge of crypto matters until the placement of another Chair. And, we can expect a recommendation of some no-action letters from her.
She closed her statements by saying that this will happen soon and thus we are waiting for January and February kind of chill on several litigations that exist in the current scenario. The companies that have faced scrutiny under the chairmanship of Gary Gensler are Ripple, Coinbase, Binance, Robinhood, and many more.
