Ripple Lawsuit: Experts Break Down Why It Hasn’t Been Paused Like Binance and Coinbase
Nidhi Kolhapur20 Feb 20254 min read
Will the SEC pause the Ripple case, just like it did with Binance and Coinbase? This question has been circulating with increasing speculation. A significant development fueling this uncertainty is the reassignment of the SEC’s lead litigator for major cryptocurrency cases. This individual, who played a key role in the Binance and Coinbase cases, was recently moved to the SEC’s IT department.
However, Fox Business reporter Eleanor Terrett took to social media and revealed,
“On the @SECGov pausing ongoing litigation against #crypto firms — I’m told by multiple legal sources that the SEC has been prioritizing cases with imminent court deadlines, which is one explanation for why we haven’t seen pause requests in the @Ripple and @krakenfx cases.”
Meanwhile, the Binance Binance Binance is the largest cryptocurrency exchange platform, offering crypto trading with a wide range of cryptocurrencies and tokens, including Bitcoin, Ethereum, Dogecoin, Litecoin, and its own token, Binance coin (BNB). Founded in 2017 by Changpeng Zhao (CZ) and Yi He, it is considered one of the most powerful forces in the global crypto economy, with features such as spot, futures, staking, launchpads, and DeFi integrations. Key Features: An easy interface that allows users to purchase and trade Bitcoin directly with one another. Users can generate and trade numerous sorts of tokens in a simple and user-friendly manner. The Binance platform offers tools for buying, selling, and generating NFTs. Users can send, receive, and store digital assets in a safe cryptocurrency wallet. Educational resources to help consumers learn about blockchain, cryptocurrency, and trade. Monetary transactions allow users to purchase cryptocurrency with credit cards, bank transfers, and payment applications. [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment case has been put on hold until April 14, with Lejilex’s case paused until April 11. For coinbase coinbase Coinbase is one of the leading cryptocurrency exchanges known for making digital asset trading secure, easy, and accessible for everyone. Founded by Brian Armstrong and Fred Ehrsam in 2012, the company allows users to buy, sell, and trade cryptocurrencies. Coinbase supports a wide range of cryptocurrencies and provides advanced features like secure trading, crypto holding management, and native blockchain transactions. Key Features Users can purchase, exchange, and manage cryptocurrencies, including Bitcoin and Ethereum. Advanced trading tools for professional traders. A self-custody crypto wallet known as the Coinbase wallet, now available as the Base app. Users can earn rewards on staked cryptocurrencies. Prime brokerage, including costs, trading, and custody for institutions. APIs and on-chain solutions for developers. [email protected] WalletCentralised Exchange the SEC and the firm have agreed to extend the deadline for the agency’s response to Coinbase’s request for an interlocutory appeal until March 14.
SEC’s Leadership Transition and Impact on Crypto Cases
The pause and extensions align with significant changes within the SEC. Legal experts suggest that these delays could be linked to the expected confirmation of Paul Atkins as the new SEC chair, nominated by President Donald Trump. The leadership change could bring a new approach to how cryptocurrency-related cases are handled, especially as the SEC’s crypto task force continues to assess the regulatory landscape.
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Regulatory Task Forces Work to Fill Gaps
In the meantime, the SEC’s crypto task force, Congress, and the Presidential Working Group on Digital Assets are reportedly collaborating to fill the regulatory gaps that contributed to these lawsuits. As the SEC navigates its internal changes and adapts its approach, the industry watches closely to see how these shifts will impact ongoing cases, particularly with Ripple.
With Ripple’s court deadline approaching in mid-April, and SEC leadership changes in play, the pause in the case offers an opportunity for the agency to make a more informed decision.
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FAQs
- No, Ripple has not officially won the lawsuit. While the court ruled in July 2023 that XRP is not a security in certain contexts, the case is still ongoing, with critical deadlines approaching in mid-April 2024.
