Carolyn Pham, one of the five commissioners of the United States Commodity Futures Trading Commission, or CFTC, met with Ripple CEO Brad Garlinghouse ahead of the court’s decision to ask regulators how it might affect the XRP token.
In a tweet on Monday, Famo Told She visited the offices of Ripple Labs as part of a “learning tour” involving crypto and blockchain. garlinghouse later tweeted That the commissioner’s visit was related to “public-private engagement” – possibly referring to a privately funded company like Ripple with US regulators.
– Caroline D. Pham (@CarolineDPham) September 19, 2022
At the time of Pham’s visit many people on social media reacted to the CFTC’s approach to engaging with crypto firms and token projects, when compared to the Securities and Exchange Commission, or SEC. On Saturday, both the SEC and Ripple filed motion for summary judgment in a case accusing the firm’s XRP sale of violating securities laws. The matter is going on since December 2020.
The outcome of the SEC case could affect which federal regulator could play a bigger role in handling the XRP token as a commodity or a security. garlinghouse Claimed on Saturday that the SEC had “no interest in enforcing the law” and alleged that the regulator sought to “expand its jurisdiction far beyond what Congress has given them.”
The SEC vs. Ripple lawsuit: Everything you need to know
Under the chairmanship of Gary Gensler, the SEC has taken several enforcement actions against crypto projects and related sectors. The regulatory body labeling nine tokens as “crypto asset securities” comes under the purview of a complaint against a former Coinbase product manager in July. excitement Criticism of Pham at the time.
Cryptooshala contacted the CFTC, but did not receive a response at the time of publication.
Credit : cointelegraph.com