SEC To Focus On Clear Crypto Regulatory Framework After Ripple Case Closure, Chairman Paul Atkins Opines

Key Points

1. The SEC and Ripple jointly dropped their appeals in the XRP lawsuit, ending a nearly five-year legal battle.

2. Judge Analisa Torres ruled in July 2023 that XRP was not a security when sold to retail investors, though institutional sales were deemed violations.

3. Ripple agreed to a $125 million fine, which will be transferred to the U.S. Treasury following the dismissal of the appeals.

4. SEC Commissioner Hester Pierce and Chair Paul Atkins emphasized the need for a clear regulatory framework that fosters innovation while protecting investors.

5. The resolution coincides with lawmakers advancing the CLARITY Act, aimed at improving the regulatory environment for cryptocurrencies.