The end of the almost five-year legal dispute will enable the agency to dedicate more time to developing clear regulatory frameworks, according to SEC Chair Paul Atkins.
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The United States Securities and Exchange Commission (SEC) is signaling an increasing focus on developing a clear cryptocurrency regulatory framework after ending one of the industry’s longest-running legal battles.
The ended their almost five-year dispute after both parties filed to drop their legal appeals and bear their costs and fees, according to a last Thursday with the Second Circuit Appeals Court.
The case’s conclusion is a “welcome development” that ensures “minds once occupied with litigation now can concentrate on creating a clear regulatory framework for crypto,” said SEC Commissioner Hester Peirce in a Monday X .
“With this chapter closed, we now have an opportunity to shift our energy from the courtroom to the policy drafting table,” said SEC Chair Paul Atkins in response to Peirce’s post. “Our focus should be on building a clear regulatory framework that fosters innovation while protecting investors,” he added.
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The SEC sued Ripple in December 2020, alleging the company raised $1.3 billion through unregistered XRP securities sales. In July 2023, Judge Analisa Torres when sold to retail investors but was a security in sales to institutions. .
The end of the case comes as lawmakers advance the Digital Asset Market Clarity Act, . The bill aims to define the structure of digital asset markets.
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Republican lawmakers and the Senate Banking Committee by Sept. 30 despite growing signs of Party lawmakers.
Earlier in July, leading Democratic Party members in the House of Representatives announced a collective effort to oppose Republican efforts to pass so-called “dangerous” legislation, between the two sides of the aisle.
“[Republicans are] doubling down by fast-tracking a dangerous package of crypto legislation through Congress,” said House Financial Services Committee ranking member Maxine Waters, specifically criticizing the CLARITY Act and the , which seeks to prohibit the launch of a US central bank digital currency.
