The team at crypto asset manager Pantera Capital believes that most securities lawsuits against crypto companies in the US will “quietly go away” once SEC Chair Gary Gensler steps down.
Background
- Earlier today, Gary Gensler announced that he’d be resigning from his position when the Trump administration takes over in January 2025
- The agency, under Gensler, initiated a crackdown on the crypto industry and targeted a host of firms
- When he assumed power, he had promised that he would protect citizens
- However, the industry collectively brands his actions thus far to be an ‘overreach’
Why should you pay attention?
- Executives from Pantera Capital believe that there will be “some neither admit nor deny type language” from some of the calms that the industry has been thrust with
- According to experts, the SEC is expected to make “some level of a statement” and get something for the value of the time and energy that the government spent looking into these things, deemed to be “very beneficial”
- The targets to date include Ripple, Binance, Consensys, OpenSea, Kraken, Coinbase, Uniswap, Crypto.com, and Robinhood.
Who said what?
- Talking at the North American Blockchain Summit in Dallas, Texas, Pantera’s Chief Legal Officer [CLO], Katrina Paglia said,
“I think what we’re going to see is some settlements. They’re going to quietly go away. The defendants will pay something”
- She added,
“I think we’re hopeful that we’ll start to see some no-action letters come out of the SEC”
Zooming out
- Chalking out when to expect things to change, she said,
“So we’re looking forward to a January or February kind of chill on a lot of the litigation that exists today”
