Carolyn Pham, one of five commissioners at the U.S. Commodity Futures Trading Commission, or CFTC, met with Ripple CEO Brad Garlinghouse ahead of a court ruling that could affect how regulators treat XRP tokens.
Pham on Monday’s Twitter he said. She visited Ripple Labs offices as part of a “learning tour” involving crypto and blockchain. Later Garlinghouse He tweeted. The commissioner’s visit is related to “public and private engagement” – possibly referring to a privately funded company like Ripple meeting with US regulators.
My next learning excursion was visiting. @Ripple Thanks to the labs @bgarlinghouse! #XRP #crypto #blockchain pic.twitter.com/ICr8H2ZE3q
— Caroline D. Pham (@CarolineDPham) September 19, 2022
Many on social media reacted to the timing of Pham’s visit to the CFTC’s approach to dealing with crypto companies and token projects in comparison to the Securities and Exchange Commission, or SEC. On Saturday, the SEC and Ripple both filed motions for summary judgment alleging that the company’s sale of XRP violated securities laws. The case continues from December 2020.
The outcome of the SEC case may affect which federal regulator may play a major role in treating the XRP token as a commodity or security. Garlinghouse He said he deserved it. On Saturday, they accused the SEC of being “disinclined to enforce the law” and that the regulator wanted to “expand its powers beyond what Congress has given it.”
Related: SEC vs. Ripple Suspicion: Everything You Need to Know
Under Chairman Gary Gensler, the SEC has pursued several enforcement actions against crypto projects and related areas. The regulatory body dismissed the complaint against Coinbase’s former product manager in July, labeling nine tokens as “crypto asset securities.” Incitement. Criticism from Fam at the time.
Cointelegraph reached out to the CFTC, but did not receive a response at the time of publication.