A recent encounter with CFTC Commissioner Caroline D. Pham and Ripple CEO Brad Garlinghouse has sparked a great deal of speculation and debate in the midst of an ongoing legal dispute between the cryptocurrency startup and another regulatory agency, the SEC.
Ripple CEO’s Meeting with CFTC Commissioner Sparks Speculation Commissioner Pham stated her position on the SEC in July when she said that it is undesirable to regulate via enforcement, giving the Wahi case as an example. The commissioner invoked the values of openness and transparency, which include the public and experts in regulation while describing the significance of the process due to its potential ramifications for the whole crypto sector.
Reading between the lines of Pham’s comments, one may see her frustration with the SEC’s unilateral measures, without any effort to collaborate with other authorities.
On the other side, similar arguments have been presented. For instance, pro-cryptocurrency activist and attorney John Deaton accused the SEC of hurting all XRP investors whose investments have suffered big losses as a result of the regulator’s probe.
Recently, it became known that Gary Gensler, the chairman of the SEC, Favours the bill that would place Ethereum and Bitcoin under the jurisdiction of the CFTC and other cryptocurrencies under the authority of the SEC. However, based on the most recent information, it seems that the resolution to this problem is far from definitive.