Ripple vs SEC News: Will New SEC Chair Paul Atkins Dismiss the Lawsuit?

President Donald Trump has picked former SEC Commissioner, Paul Arkins, as the replacement for Gary Gensler according to a recent report by Unchained Crypto. This comes in line with Trump’s agenda to make America a safe economy for financial innovation.

Recall that the current chairman, Gary Gensler, had announced that he would step down from office on January 20, 2025. The entire crypto industry called for his resignation, particularly because of his stringent policies which have suppressed the growth of the sector.

One of the notable cases during his term is the Ripple vs. SEC lawsuit. With the new SEC chairman selection, the crypto community now wonders what is next for the case.

Will Atkins Accept the Offer?

As per Unchained Crypto, Trump has reached out to Atkins but is still waiting for him to accept the position. Paul Atkins previously served under President George Bush as SEC Commissioner. During his time, he was widely respected for his ideas and was popular among the Republican Party.

Following his exit from the SEC, Atkins has been an openly supportive voice for the crypto industry. Since 2017, he has been involved at the Digital Chamber of Commerce, co-chairing the Token Alliance at the industry group.

Gary Gensler was widely criticized across the crypto industry for setting vague rules and clamping down on key industry firms including Binance, Coinbase, Kraken, and Robinhood. Gensler was of the opinion that only Bitcoin qualifies as a commodity, and every other cryptocurrency should be classified as securities.

It was on this basis that he rained down heavy on the crypto sector, charging token issuers to court for failing to register their coin as a security.

Atkins on the other hand, is a pro-crypto candidate and many believe that he would bring clear and favorable regulations for the industry which would give way for progress.

Is Paul Atkins the Right Choice?

While many praise Trump for his selection, not everybody believes that he is the right person for the job. Notably, pro-XRP attorney, John Deaton, emphasized that while Atkins is a traditional choice and someone who respects the SEC, he might not be able to challenge the SEC’s actions.

Deaton emphasizes that the SEC has hurt investors over the years and it is necessary that the new leader have a change in attitude to rebuild the trust in the agency. While Deaton promised to support Atkins if he emerges as the replacement, he believes Atkins is not the right person to bring about a change to crypto regulations.

This opinion was supported by attorney Jeremy Hogan who listed the cons of selecting Atkins as the SEC chairman in a recent tweet. According to him, Atkins won’t be the “bull in the China shop” everyone expects, noting that he will only make “measured and deliberate changes” in the agency, and not careless decisions to favor the sector.

Will Atkins Dismiss the Ripple Lawsuit?

The case between Ripple and the SEC has dragged on for four years and is about to enter a new chapter in 2025. The court has ordered the SEC to submit its opening brief by January 15.

Members of the crypto community now wonder if the case will continue or if it will simply be dismissed as a new regime takes over. Many industry experts have previously opined that the case will be trashed, but it is yet to be confirmed how this will develop.