John Reed Stark, former director of the SEC Internet Enforcement Office, believes that the agency will pause the Ripple appeal soon.
“Expect all crypto-related appeals, including the appeal of the Ripple matter, to pause or even more likely, to be fully withdrawn,” he said.
This comes after the SEC has seemingly halted the Coinbase case.
Recently, the SEC told the Second Circuit that its newly formed crypto task force may help resolve its enforcement case against the leading US cryptocurrency exchange.
Earlier this February, the SEC also requested a two-month pause in the Binance case.
The drastic changes are taking place after SEC Commissioner Mark Uyeda was appointed as the agency’s acting chairman on Jan. 20.
The SEC launched its cryptocurrency-focused task force, which aims to create clear rules for the industry, last month.
As reported by U.Today, Reed Stark previously opined that the SEC’s cryptocurrency unit was “dead and buried.”
The SEC’s new leadership recently demoted Jorge Tenreiro, the top litigator.
“I guess winning cases is not a measure of success under the new SEC regime. It is instead more worthy of a Scarlet Letter and disbandment,” he said.
Stark now believes that all informal and formal SEC crypto-related investigations will be ground to a “screeching halt.”
