Former SEC chief John Reed Stark believes the SEC is "done.
"For your information, stick a fork in the SEC, it's done, he says.
According to Stark, the SEC intends to take little to no action against the #cryptocurrency industry in the coming years.
Meanwhile, Ripple's chief legal officer Stuart Alderoti has called on Gensler to voluntarily resign:
"Gensler and his anti-cryptocurrency minions should voluntarily resign. Otherwise, as John explains, the new SEC chairman (if appointed) will use the SEC's internal mechanisms to remove
said.
Gensler, who has been vilified by the cryptocurrency community, is expected to resign in early 2025 at Hogan's behest. However, it's worth noting that his five-year term ends on June 5.
According to U. Today, the leading candidate to replace Gensler is currently Robin Hood legal counsel Dan Gallagher. Commissioner Hester Pearce is likely to be appointed as the interim head of the SEC.
What will happen to the lawsuit between #Ripple and Coinbase? According to legal expert Jeremy Hogan, the new head of the SEC is likely to issue a "marching order.
That is, it will cancel all cryptocurrency lawsuits that are not related to fraud. Mr. Hogan predicts that the current cases will either settle or be dismissed.
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