Former SEC Chairman Mary Jo White told Fortune magazine that the commission she once led was “completely wrong”.
In an interview with Fortune, White pointed to various levels of problems in the lawsuit against Ripple. First, she pointed to the oddity of the timing and the long research before it. White framed the statement in terms of both the SEC Chair and her experiences as a US lawyer in the Southern District of New York.
Although the way the case was filed raises questions, White says it failed in merit. She points out that she sec did not develop a consistent framework for processing crypto. The Commission decided that Ethereum, for example, is not a security.
Light at the end of the tunnel
In the interview, White suggested two possible timeframes. A court decision in New York’s Southern District could come as early as October. Alternatively, Ripple and SEC may reach an out-of-court settlement in advance.
Given comments by SEC Commissioner Hester Pierce, an out-of-court deal is likely. In an interview in January, Pierce stated that the Commission usually resolves such cases outside of court.