Home
News
The United States Commodity Futures Trading Commission (CFTC) has five commissioners. One of these CFTC commissioners, Caoline Pham visited the offices of Ripple and met CEO Brad Garlingouse.
On Monday, 19th September, 2022, Pham outlined in a Twitter post about her visit to offices of Ripple Labs. She added this was to follow the “learning tour” that involves crypto and blockchain like sectors.
Later, Ripple CEO also went on to Twitter and said the visit of the CFTC commissioner was about public-private engagement.
After the news of Pham visiting Ripple’s offices broke out, there were discussions regarding the same all around the social media. People started reacting over this instance and demanded classification of CFTC for their approach towards crypto firms and engagement with them. Also there was curiosity to know about their differences in opinion with the SEC regarding which crypto asset is needed to be considered as security.
Ripple’s Relation With Another Regulator—The US SEC
The lawsuit between Ripple and SEC is also worth mentioning at this moment given the decision by the court is soon to deliver. In 2020, the US SEC filed the lawsuit against the payment protocol Ripple Labs which operated XRP tokens. The commission alleged the sales of XRP tokens as violation of securities law accusing the token as unregistered security.
On Saturday, 17th September, 2022, both the parties—SEC and Ripple Labs—went on to file motions asking for summary judgment regarding the case.
The Ripple vs SEC case is among the most discussed ones around the space given its potential. The result of this case is likely to heavily impact the role of the financial watchdog in terms of handling the Ripple’s native token XRP as either a security or a commodity.
Ripple CEO highlighted on Saturday that the agency has no intention of interest in applying the law. He put allegations against the SEC saying it tried to go beyond their authority of jurisdiction decided by the Congress.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
