Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), announced that he would relinquish his position on January 20, 2025, as Donald Trump takes office. The announcement and the appointment of a pro-crypto replacement for Paul Atkins raised speculations about a possible dismissal of the long-running legal dispute between Ripple and the SEC.
However, this growing expectation might seem unlikely as pointed out by prominent lawyers in a recent discussion on X (formerly Twitter).
Do Not Get Too Excited About a Case Dismissal
Gary Gensler’s departure from the helm of the SEC leaves a big question mark about the future of the agency and how it will approach existing lawsuits. Attorney Bill Morgan expressed his concern on X earlier today in response to a tweet put out by Ripple’s chief legal officer, Stuart Alderoty.
Read Also: Ripple vs. SEC: Legal Chief Slams SEC’s Ongoing Crypto Attacks
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Alderoty had condemned Gensler and the SEC for filing an amended 81-page brief in the Binance lawsuit. He stressed that instead of Gensler standing down and pausing all crypto litigation on the verge of a leadership change, he went on with recycling the same “absurd and unsupported” argument that crypto has no intrinsic value.
Responding to the tweet, Bill Morgan noted that the amendment was signed by the SEC’s chief litigation counsel Jorge Tenreiro, who might remain in position even if Paul Atkins takes over as chairman. Morgan also emphasized that Tenreiro is the main lawyer in the Ripple vs SEC litigation.
Source: X
Moreover, Morgan stated that he will remain skeptical about the SEC’s direction toward crypto regulations if Tenreiro retains his position in the organization. Additionally, he advised against XRP community members being overly hopeful that the SEC might skip its opening brief in the Ripple lawsuit scheduled to be submitted on January 15.
“I hope no one is getting too excited about the SEC not filing its brief in the Appeal on 15 January 2025,” he said, adding that “Jorge Tenreiro will be signing it.”
Marc Fagel Clarifies Tenreiro’s Role in the SEC
Meanwhile, another prominent lawyer, Marc Fagel clarified Tenreiro’s job in the SEC in response to Bill Morgan’s comment. He noted that Tenreiro only litigates the enforcement action investigated by the enforcement division and approved by the SEC commissioners, adding that he does not have the powers to make any policy decisions.
Bill Morgan agreed with Fagel’s point, however, stressing that the SEC might not see any “big changes” in terms of crypto enforcement policies if Tenreiro remains with the new leadership. Morgan closed by pointing out that even if there are notable changes in the SEC’s regulatory policies, the Ripple vs SEC case is still likely to continue.
“My point is if Tenreiro stays in the new role it will not signal a big change in SEC enforcement policy towards crypto. Even if there is a change the SEC v Ripple Appeal may continue,” he said.
Ultimately, the SEC is still expected to file its opening brief before the deadline, and the outcome of this lawsuit will shape how the entire crypto industry is regulated.
Read Also: See Trump’s Crypto Czar’s Previous Comment About the Ripple vs SEC Case
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.