Ripple CEO Met With CFTC Commissioner, as SEC Case Nears

Ripple CEO Met With CFTC Commissioner, as SEC Case Nears
  • CFTC Commissioner Caroline D. Pham met with Ripple CEO Brad Garlinghouse.
  • Recently, the SEC and Ripple both filed petitions for summary judgment.

According to a recent tweet from Caroline D. Pham, an American attorney and commissioner of the Commodity Futures Trading Commission (CFTC), had a meeting with Ripple CEO, Brad Garlinghouse. 

Through the tweet, Pham claimed that Ripple Labs visiting is a part of a cryptocurrency and blockchain “learning tour”. As per Garlinghouse, the commissioner’s visit was connected to “public-private engagement.”

Due to Pham’s recent meeting, many people on social media were discussing how the CFTC differs from the Securities and Exchange Commission (SEC), in how it interacts with crypto-based firms and token initiatives. Also, some XRP supporters even speculated that the CFTC would take over as the token’s principal regulator, making it a commodity.

The Ongoing Battle

In a lawsuit alleging that the company’s XRP sales broke securities regulations, the SEC and Ripple both filed petitions for summary judgment on Saturday.

Gary Gensler, chair of the SEC, has emphasized numerous times that the vast majority of current cryptocurrencies are securities. But now that he has acknowledged cryptos as a commodity, the CFTC is in charge of overseeing its regulation. In December 2020, the SEC filed a lawsuit against Ripple, alleging that the company had broken securities laws by selling XRP.

Recently, Garlinghouse applauded CFTC Commissioner Caroline D. Pham for criticizing the Securities and Exchange Commission for its approach to regulating cryptocurrencies. The Ripple CEO referred to Pham’s remarks as “powerful” on Twitter. 

Garlinghouse tweeted:

Powerful words from Commissioner Pham: ‘Regulatory clarity comes from being out in the open, not in the dark.

He also claimed that rather than being open and upfront about its policies, the SEC is content with functioning in secrecy.

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