President-elect Donald Trump has appointed Paul Atkins, a pro-crypto advocate, to lead the Securities and Exchange Commission (SEC). Atkins, who previously served as an SEC commissioner under President George W. Bush, is well-respected in conservative financial circles.
He will replace Gary Gensler, the current SEC Chair, who is set to step down when Trump is inaugurated in January 2025.
Atkins' appointment comes at a critical juncture for the SEC, as the agency is currently embroiled in the high-profile Ripple lawsuit. The SEC claims that Ripple Labs violated securities laws by issuing XRP.
In July 2023, Judge Analisa Torres ruled that XRP is not a security when sold to retail investors but does qualify as a security in institutional sales. This ruling has created uncertainty regarding XRP’s regulatory status, with significant implications for the broader cryptocurrency market.
Will the Ripple vs. SEC Lawsuit be Dismissed?
The selection of a pro-crypto chairman Paul Atkins has raised questions about possible outcomes in the long-running lawsuit between Ripple and the SEC.
Several prominent figures in the crypto industry have speculated that there would be no need to continue the case if a more friendly chairman takes office.
While these are conjectures and expectations, it is yet to be confirmed what the next step for the SEC would be.
As Ripple’s case remains unresolved, all eyes will be on Atkins to see how he navigates the ongoing legal challenges and shapes the SEC's future stance on cryptocurrency regulation.