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Ripple Hopes Atkins' SEC Chairmanship Could End Crypto Lawsuits

Coin WorldTuesday, Jan 28, 2025 5:58 pm ET

1min read

Ripple Labs, the blockchain payments firm, has expressed optimism about the potential appointment of Paul Atkins as the next chair of the U.S. Securities and Exchange Commission (SEC). Stuart Alderoty, the company's chief legal officer, has stated that he is hopeful that Atkins, once confirmed by the Senate, could withdraw civil suits against crypto firms, including Ripple's ongoing case with the SEC.

Alderoty, speaking at a Jan. 28 X Spaces discussion for XRP Community Day 2025, said he believed that the SEC under Atkins could drop enforcement cases not involving fraud, where the lawsuit was mainly based on registration issues. Ripple remains embroiled in an SEC lawsuit, with both parties having filed appeals after a judge issued a liability ruling in 2024.

Ripple's case with the SEC began in December 2020, alleging that the company used XRP tokens as an unregistered security to raise funds. A federal judge found Ripple liable for more than $125 million in August 2024, leading to the SEC appealing the ruling and the blockchain firm filing a cross-appeal.

Ripple's CLO also noted that there was "nothing but upside" for the company based on the Trump administration's approach to crypto so far, citing a presidential executive order to establish a working group studying digital asset regulation, the SEC launching a crypto task force, and other actions. Ripple CEO Brad Garlinghouse had previously claimed that 75% of the firm's job openings would be based in the US as a direct result of the 2024 election.

However, it remains unclear if Atkins will have the votes to pass a Senate confirmation hearing after his nomination by US President Donald Trump. Alderoty said that the Republican-run Congress, which contains many lawmakers Ripple may have helped elect with $45 million in contributions to the political action committee Fairshake, could also move forward with a crypto market structure bill.

Alderoty and Garlinghouse also seem to have a close relationship with Trump. The pair had dinner with the then-president-elect at his Mar-a-Lago home in January and in Washington, DC as official guests. The Ripple chief legal officer personally donated more than $300,000 to fundraising and political action committees supporting Trump in the 20

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