SEC to Discuss Resolution of Litigation

The U.S. Securities and Exchange Commission is scheduled to hold its first closed meeting since the departure of Chair Gary Gensler.

The meeting will focus on the institution and settlement of injunctive actions and administrative proceedings as well as the resolution of litigation claims, among other matters.

As reported by U.Today, the regulator-watchdog is rumored to be ditching some nonfraud cryptocurrency enforcement actions.

Commissioner Mark Uyeda took over the agency earlier this week, becoming its acting chairman.

Stuart Alderoty, Ripple's top lawyer, previously said that he expected the new administration to drop the ongoing appeal case against the company.

The agency could also freeze or drop enforcement actions against other major crypto players.

SEC's crypto task force

In the meantime, the agency also launched a new crypto task force, spearheaded by Commissioner Hester Peirce. The commission will be focused on developing a clear regulatory framework for digital assets.

This move has been widely celebrated within the industry, which has long been clamoring for clear rules of the road.

"Looking forward to working with the Crypto Task Force to undo the prior administration's damage," Alderoty commented.  

"A sea change compared to the last 4 years. We look forward to working with the Commission to help crypto founders obtain the clarity they've long sought," Alexander Grieve, VP of Government Affairs at Paradigm, said.