United

Summit

Tyler

Gary

Many securities lawsuits against crypto companies in the United States will likely “quietly go away” once Securities and Exchange Commission Chair Gary Gensler steps down in January, according to crypto asset manager Pantera.
“I think what we’re going to see is some settlements,” said Pantera’s chief legal officer, Katrina Paglia, during a Nov. 21 panel at the North American Blockchain Summit in Dallas, Texas.
Paglia said that the SEC “could actually just go in and file motions to dismiss and withdraw all of their claims,” but added: “I don’t think that’s going to happen. I think that’s just too far of a stretch.”
More likely, there will be “some neither admit nor deny type language” from some of these <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/the-regulatory-considerations-of-nfts-in-the-united-states" rel="null" target="null" text="null" title="null">claims</a>, she said.&nbsp;&nbsp;&nbsp;
<blockquote>
 “They’re going to quietly go away. The defendants will pay something.”
</blockquote>
Paglia added that the regulator will get to “make some level of a statement” and get something for the value of the time and energy that the government has spent looking into these things, which would be “very beneficial.”
<figure>
 <img alt="Gary Gensler" src="https://s3.cointelegraph.com/uploads/2024-11/0193521d-afe0-7f55-90a3-343ee8019270" title="">
 <figcaption style="text-align: center;">
 Crafting Federal Crypto Regulations panel. Source: Cointelegraph&nbsp;
 </figcaption>
</figure>
The securities regulator <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-chair-gary-gensler-step-down" rel="null" target="null" text="null" title="null">announced</a> on Nov. 21 that Gary Gensler would be stepping down as SEC chair on January 20th.
Paglia was also confident that some of the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/immutable-hits-back-sec-after-receiving-wells-notice" rel="null" target="null" text="null" title="null">Wells notices</a> — threats of legal action from the SEC — may also “just quietly go away,” and the regulator will stop spending resources investigating some organizations.
“I think we’re hopeful that we’ll start to see some no-action letters come out of the SEC,” she added. A no-action letter is a written response from the agency indicating that it will not recommend legal action against an entity if it proceeds with a proposed course of action.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gemini-crypto-exchange-tyler-winklevoss-gary-gensler-sec-united-states" rel="null" target="null" text="null" title="null">No apology can ‘undo the damage’ Gary Gensler has caused: Tyler Winklevoss</a>
She also said that there was a rumor that SEC Commissioner <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gary-gensler-elections-sec-trump-harris" rel="null" target="null" text="null" title="null">Hester Peirce</a> will take over crypto matters within the agency until a permanent chair is seated, “and we’re going to see her recommend some no-action letters.”&nbsp;
She concluded that this may happen soon, “So we’re looking forward to a January or February kind of chill on a lot of the litigation that exists today.”
In its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-implement-bitcoin-strategic-reserve-elected-president" rel="null" target="null" text="null" title="null">war on crypto</a>, the SEC under <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/18-us-states-file-lawsuit-against-sec-gary-gensler" rel="null" target="null" text="null" title="null">Gary Gensler</a> has taken legal actions against a raft of high-profile crypto companies, including <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/the-sec-vs-ripple-lawsuit-everything-you-need-to-know" rel="null" target="null" text="null" title="null">Ripple</a>, Coinbase, Binance, Kraken, Uniswap, OpenSea, Consensys, Crypto.com and Robinhood.&nbsp;
Additional reporting by Turner Wright.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoins-100k-taxman-btc-commodity-china-vitalik-moo-deng-asia-express/" rel="null" target="null" text="null" title="null">Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express</a>

SEC lawsuits will ‘quietly go away’ after Gensler steps down: Pantera

Cointelegraph

Other articles published on Nov 22, 2024

Solana, AVAX, Polkadot, or CYBRO: Experts Reveal Their Top Picks!

Most Millionaires in Crypto Will Be Made by April 2025—6 Coins You Can’t Miss!

Small Investment, Big Returns: ZircuitDEX and 3 Coins Could Make You a Millionaire

AI Predicts Bitcoin’s Path to $140K: Intelligent Alpha’s New Crypto Strategy

Printemps Becomes France’s First Department Store Chain to Accept Crypto Payments Via Binance Pay...

Capitalize Announcing Prop Trading with One-Step Evaluation Program for Aspiring Traders

Join our free newsletter for daily crypto updates!