In a rather curious turn of events, the US Securities and Exchange Commission (SEC) has decided to play a game of regulatory limbo, prioritizing the pausing of cryptocurrency enforcement cases that are teetering on the edge of deadlines. This delightful procrastination is, of course, the reason why the SEC has yet to hit the pause button on its lawsuits against the ever-controversial crypto firms, Ripple and Kraken. Eleanor Terrett, a Fox Business reporter, has the inside scoop, though one might wonder how reliable her sources are—unnamed, naturally. 🤔
As it stands, Ripple, the proud parent of the XRP Ledger blockchain network, has a court deadline that is not due until April 16. Meanwhile, Kraken, the cryptocurrency exchange that seems to be perpetually in hot water, has a deadline looming on March 31. Terrett, in her February 19 X post, has cited several unnamed sources—because who needs verification when you have intrigue? 🕵️♂️
In a twist of fate, it appears that Coinbase and Binance are also enjoying a leisurely stroll through the regulatory park, with their court deadlines set for March 14 and April 14, respectively. One can only assume that SEC leadership is holding its breath, waiting for @realDonaldTrump’s nominee for chair, Paul Atkins, to be confirmed by that time. After all, what’s a little regulatory chaos without a dash of political drama? 🎭
Changing US Regulatory Regime
Under the watchful eye of former President Joe Biden, financial regulators—namely the SEC and the Commodity Futures Trading Commission (CFTC)—have unleashed a veritable flood of over 100 lawsuits against crypto firms for alleged legal violations. It’s almost as if they were trying to win a prize for the most lawsuits filed in a single term! 🏆
In 2023, the SEC took aim at Kraken, accusing the exchange of operating as an unregistered securities broker. Meanwhile, Coinbase found itself in the crosshairs for allegedly failing to register as a broker, national securities exchange, or clearing agency. Apparently, the SEC has a keen interest in ensuring that everyone plays by the rules—unless, of course, you’re a friend of the administration. 😏
Ripple, on the other hand, has been embroiled in a legal quagmire with the SEC since 2020, with the regulator claiming that Ripple issued unregistered securities when it launched its XRP token. It’s a classic tale of regulatory woe, one that could make even the most stoic observer chuckle at the absurdity of it all.
In stark contrast, President Donald Trump has taken a decidedly industry-friendly approach during his second term, promising to ease the regulatory burden on crypto firms and transform America into “the world’s crypto capital.” One can only imagine the celebratory parties in the crypto world! 🎉
Trump has nominated Paul Atkins, a former SEC commissioner, to chair the SEC, and the agency has been gradually winding down or pausing enforcement actions against crypto firms. On January 30, just ten days into Trump’s second presidential term, Kraken resumed staking services for US clients for the first time in nearly two years. It seems that in the world of crypto, timing is everything! ⏳
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2025-02-19 22:34