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SEC prioritizes pausing crypto lawsuits with imminent deadlines
The U.S. Securities and Exchange Commission (SEC) has reportedly shifted its focus to pausing cryptocurrency enforcement cases with imminent deadlines.
This decision partially explains the regulator’s continued pursuit of lawsuits against Ripple and Kraken, two of the industry’s most prominent firms. According to Fox Business reporter Eleanor Terrett, the SEC’s lawsuits against Ripple and Kraken are not expected to reach significant deadlines until mid to late 2024—Ripple’s next court deadline is set for April 16, and Kraken’s is on March 31. This pause in immediate enforcement comes amid broader regulatory shifts and growing industry concerns about the SEC’s approach to the rapidly evolving cryptocurrency sector.
Shifting political landscape and regulatory gaps
This delay also coincides with expectations that former U.S. President Donald Trump’s nominee, Paul Atkins, may soon be confirmed as the new SEC chair. Under Trump’s second term, the financial regulatory environment has taken a more crypto-friendly direction, with promises to reduce enforcement actions against cryptocurrency firms and make the U.S. "the world’s crypto capital." In contrast to the more stringent approach under President Biden, the SEC, along with the Commodity Futures Trading Commission (CFTC), filed over 100 lawsuits against crypto firms under Biden’s leadership in 2023. These cases, such as those against Kraken and Coinbase, are part of an ongoing crackdown on alleged violations related to unregistered securities trading and staking services.
Despite ongoing litigation, the SEC’s current posture reflects the broader push to reassess and fill regulatory gaps within the crypto industry. The Crypto Task Force, Congress, and the Presidential Working Group on Digital Assets are actively working on clarifying regulations to prevent further legal challenges. As the industry eagerly awaits further confirmation on new leadership and potential changes in SEC policy, firms like Kraken have already started to resume services, such as staking for U.S. clients, following changes in the regulatory landscape.
Read also: Coinbase unveils legislative blueprint to shape crypto regulation under Trump administration
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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