In the past four years, the SEC has become the main force behind the pressure exerted by the Biden administration on cryptocurrencies. The securities regulator has filed over 100 lawsuits against altcoins and crypto companies for various reasons, primarily fraud. However, Gary Gensler’s time at the helm is nearing its end, prompting questions about the latest developments in this ongoing saga.
Coinbase’s Legal Battle with SEC
Coinbase continues to fight its legal battles against the SEC, involving itself in various processes beyond its own lawsuits. For a long time, Coinbase has been working to expose the SEC’s irregularities and unconstitutional actions in courts.
During this time, Coinbase’s Chief Legal Officer Paul Grewal commented on the recent development saying;
“We just won our petition for an authorization at the Third Circuit. We are not backing down from the SEC. The court deemed the SEC’s ruling as ‘final and inadequately reasoned’, thus arbitrary and capricious. Furthermore, it accepted Coinbase’s petition, redirecting the SEC for a complete explanation.”
Judge Bibas’s remarks on the constitutional concerns of “implementing rules after guidance” were also received positively.
“We appreciate the articulation of constitutional concerns. He did an impressive job.”
SEC’s Legal Challenges
During a Senate speech, Gensler faced severe criticism for acting arbitrarily on numerous occasions. In the ongoing case with Ripple 
$1, the agency’s lawyers made such illogical defenses that the court labeled them as nonsense and replaced the agency’s attorneys. We have witnessed intriguing hearings where the SEC essentially contradicted itself by rejecting its past statements and actions.
The SEC has maintained a harsh stance against cryptocurrencies for years, reducing institutional views to personal opinions. There have been days when both the institution and Gensler appeared to be sweating bullets. Fortunately, Gensler, who has resigned, will officially leave office on January 20, with Trump’s appointee Atkins set to take his place.
A more lenient approach toward the industry is expected from the new SEC chair, who is crypto-friendly. Trump had explicitly stated during the election campaign that he would remove Gensler due to his stance on cryptocurrencies. This change is likely the main reason behind the recent resilience of XRP Coin against downward trends.
