Surprise visit from CFTC official to Ripple office

Surprise visit from CFTC official to Ripple office

Caroline Pham, one of five commissioners at the United States Commodity Futures Trading Commission (CFTC), met with Ripple CEO Brad Garlinghouse ahead of a court ruling that could affect how regulators handle the cryptocurrency XRP.

CFTC official Caroline Pham shared a post on Monday, September 19th. tweet announced that he visited Ripple Labs’ office as part of a “learning tour” involving crypto and blockchain technology. The CEO of Ripple then said that the CFTC official’s reason for visiting was “public and private sector interaction”, most likely referring to a privately funded company like Ripple that has ties to US regulators. shared the post.

The timing of Pham’s visit to the Ripple Labs office and the CFTC’s approach to dealing with crypto companies and token projects as opposed to the Securities and Exchange Commission (SEC) garnered a lot of attention on social media. He filed a motion last Saturday for a federal judge to quickly decide whether he had violated securities laws. The case is still ongoing since 2020.

On the other hand, the outcome of the SEC lawsuit may affect which federal regulator can play a larger role in whether XRP is considered a commodity or a security. Ripple CEO Garlinghouse shared another post last Saturday. in the tweet He alleged that the SEC was “not interested in enforcing the law” and that the regulator was trying to “extend its jurisdiction beyond what was given to them by Congress.”

The SEC, chaired by Gary Gensler, has previously imposed many sanctions against crypto projects and related fields. In July, the SEC labeled nine tokens “crypto-asset securities” in an investigation against the former product manager of cryptocurrency exchange Coinbase, prompting Pham’s reaction. had pulled.

Cointelegraph tried to reach the CFTC but did not receive a response.

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