Friday, October 7, 2022

SEC Vs Ripple: CFTC Commissioner Meets With Ripple CEO, Sparks Rumors of Possible Verdict In Case

A recent meeting between Ripple CEO Brad Garlinghouse and CFTC Commissioner Caroline D. Pham has sparked rumors of what to expect from the ongoing SEC vs Ripple case. This is as many believe that the XRP token may finally be classified as a commodity. The meeting was shared in a recent Twitter post, even as XRP fans thought seriously about the timing of the meet.

Interestingly, the meeting comes around the time that both Ripple and the United States Securities and Exchange Commission (SEC) filed for summary judgment in their ongoing legal tussle.

XRP Community Jubilant About Meet

Pham, who is an American attorney but also serves as a commissioner of the Commodity Futures Trading Commission (CFTC), claims that the meeting was merely a part of her “learning tour.” And Garlinghouse himself has also expressed Ripple’s pleasure to welcome her presence. 

However, the meeting has drawn hopeful speculations, especially within the XRP community. Recall that there is an ongoing dilemma between the crypto community and global regulators. This is regarding whether or not to classify cryptocurrencies as securities or commodities.

For as long as possible, the SEC has consistently argued that most cryptocurrencies, including the XRP, are securities. This stance is what earned the SEC the reputation of being an aggressive regulator. In fact, that stance is why both Ripple and the SEC are currently in court.

But now that the CFTC commissioner and Garlinghouse met up, speculations are that XRP may eventually be classified as a commodity. Essentially, this means that it will be under the jurisdiction of the CFTC, even as the agency becomes the token’s primary regulator.

The SEC Vs Ripple Case: Where It Stands

It appears that the legal battle between Ripple and the SEC may finally be coming to a conclusion. Recall that the SEC charged Ripple to court in December 2020 with claims that the firm was violating securities laws with its XRP sales. However, after a long series of claims and counterclaims from both parties, they both filed motions for summary judgment last week. This means the duo have a common interest in getting an immediate ruling and would not like the case to drag any further.

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