Caroline Pham, one of five commissioners on the U.S. Commodity Futures Trading Commission (CFTC), met with Ripple CEO Brad Garlinghouse ahead of a court ruling that could affect how regulators handle XRP tokens.
In a tweet on Monday, Fan Say She visited Ripple Labs’ offices as part of a “learning tour” involving crypto and blockchain.Garlinghouse later tweet The commissioner’s visit was related to a “public-private partnership” — likely a reference to the engagement of private investment firms like Ripple with U.S. regulators.
— Caroline D. Pham (@CarolineDPham) September 19, 2022
Compared to the U.S. Securities and Exchange Commission (SEC), the timing of Pham’s visit sparked reactions from many on social media about the way the CFTC works with crypto companies and token projects. SEC and Ripple on Saturday file a motion for summary judgment In a case alleging that the company’s XRP sales violated securities laws. The case has been ongoing since December 2020.
The outcome of the SEC case could affect which federal regulator may have a greater role in treating XRP tokens as commodities or securities.Garlinghouse claim On Saturday, the Securities and Exchange Commission “has no interest in the applicable law” and claimed the regulator was trying to “expand its jurisdiction far beyond the powers Congress has granted them.”
Under the leadership of Chairman Gary Gensler, the SEC has taken numerous enforcement actions against crypto projects and related fields.Regulatory Authority mark nine tokens Complaints against the former Coinbase product manager in July as “crypto asset securities” fall under its purview, hint He was criticized by Mr. Fan at the time.
Cointelegraph reached out to the CFTC but received no response at the time of publication.