XRP investors, especially those who actively follow the Ripple vs. SEC lawsuit since its beginning in December 2022, have continued to express their frustration about the prolonged nature of the case.
Even though the new administration led by President Trump has taken a favorable stance toward cryptocurrencies, the XRP community is still disgruntled as their favorite cryptocurrency is still entangled in a web of regulatory uncertainty.
To kickstart a new crypto industry revolution, a new acting chairman for the SEC, Mark Uyeda, was appointed to oversee the agency before the selected permanent chairman, Paul Atkins’s approval is finalized by the Senate.
During his short time as boss, Uyeda has either dismissed or paused ongoing investigations and lawsuits on other big crypto firms including Kraken, Coinbase, Binance, Consensys, Uniswap, and a pool of others. However, it looks like he is ignoring the “elephant in the room,” the Ripple lawsuit.
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For the last four years, this lawsuit has been arguably the most watched crypto case in the entire industry and a decisive end to it could shape how digital assets are regulated in the United States.
The SEC’s enduring silence is deafening as the XRP community members are now questioning if Uyeda can actually end the lawsuit or if it is a case of wishful thinking.
XRP Community Debates Lawsuit
In a recent conversation on X (formerly Twitter), community members expressed their resentment toward the lack of update from the SEC about the lawsuit. A user, Tanner, questioned what exactly is expected to happen for the lawsuit to end.
Tanner asked if it would be the SEC or Ripple who would drop its appeal, or if both parties would agree to lock Ripple’s $125 million penalty in escrow pending when/if Judge Torres agrees to reduce the fine and lift the injunction placed on Ripple.
Tanner continued by opining that the SEC’s continuous pursuit of Ripple is unnecessary and if the agency wants to correct all wrongs from the previous administration, then, it would outrightly drop its appeal against Ripple.
“Surely if Uyeda wants to ‘right’ all Genslers ‘wrongs’, the SEC would be proactive in removing this appeal that lingers over Ripple,” he said.
Moreover, Tanner suggested that the idea of Ripple’s lawsuit being more complicated than others already dropped makes no sense and that the SEC can choose to drop the case immediately if it wants. His concern adds to the growing layer of doubt about the possibility of Mark Uyeda ending the case.
Also Read: Leaked Emails Reveal Ripple’s Coordinated PR Strategy Against Bitcoin and Ethereum
Can Mark Uyeda End the Case?
Joining the conversation, another user, Sherrie, clarified that the Ripple case is indeed more complicated and that Ripple is the only company with an active judgment against them as opposed to the others already dismissed.
She stressed that Ripple might be negotiating to reduce the fine, or trying to work around the injunction it has. Sherrie further went on to mention that it would be highly unusual for an acting SEC chairman to resolve a complex case.
Thus, she thinks that Ripple’s request for an April 16 deadline is strategic in anticipation of Atkins’s arrival.
“An Acting Chairman resolving a complex case like Ripple’s would be rather uncommon. The fact that Ripple requested an extension to April 16th might be in anticipation of Atkins’ arrival,” she said.
Her opinion adds to the disturbing question if Uyeda can resolve the case or if it would have to wait until whenever Atkins takes over office.
Legal Expert Weighs In
It may seem that Sherrie’s opinion about Uyeda and Paul Atkins is the more rational explanation for the lack of updates and continuation of the case. Prominent legal expert, attorney Fred Rispoli, recently made a similar comment about this.
In a tweet dated March 7, he addressed the discussion stating that there is no reason why the new pro-crypto commission won’t drop the appeal against Ripple and keep the $125 million civil penalty in place.
However, he stressed the likelihood of the SEC waiting for the confirmation of Paul Atkins before carrying out any major decision is what is playing out.
“Starting to think they are waiting for Atkins in order to have the head guy in place for cover to drop/reduce the $125M judgment,” he said.
Ultimately, whether Mark Uyeda will be able to finally end the Ripple lawsuit is yet to be seen. At the moment, we can only speculate based on popular opinion that the agency is strategically waiting for his confirmation.
Also Read: Ripple CTO Addresses XRP Distribution Speculation
