Eyebrows Raised as CFTC Commissioner Meets Ripple’s CEO

Caroline Pham, a Commissioner of the United States Commodity Futures Trading Commission (CFTC) visited Ripple Labs CEO Brad Garlinghouse. The American attorney shared this in a recent tweet.

The next stop on my learning tour was visiting @Ripple Labs. Thanks @bgarlinghouse! #XRP #crypto #blockchain pic.twitter.com/ICr8H2ZE3q

— Caroline D. Pham (@CarolineDPham) September 19, 2022

While Pham has described the visit as part of her “learning tour”, Garlinghouse said he was pleased to host the CFTC commissioner in his company’s office.

The visit by Pham of the CFTC has sparked several reactions from the XRP community. While many applauded the meeting, they did not miss the chance to take a swipe at a sister regulator, the Securities and Exchange Commission (SEC) known for following an aggressive approach.

Many commentators in the cryptosphere believe the timing of the meeting might not be necessarily coincidental. They speculate that the meeting is a pointer to which side the current legal battle between the firm and the SEC will tilt, the CFTC might likely be the firm’s primary regulator should it be declared a commodity.

Call to Pass Judgement

Meanwhile, the payment firm and the SEC have requested a summary judgment from the court as it concerns XRP coin’s violation of securities laws. 

According to both parties, the judge already has enough information to make a ruling on the case and should therefore prevent the already drawn-out legal battle from carrying on further. They’re asking the judge to either make a ruling or dismiss the case.

Recall that its CEO in an interview had threatened that the firm will exit the U.S should the judge rule in the regulator’s favor. Also Ripple Labs’ General Counsel  Stu Alderoty in response to a piece published by the chairman of the SEC, Gary Gensler says the regulator’s crackdowns on the crypto industry arent protecting consumers. He accused the SEC of not being transparent enough.

The outcome of this case will determine how the XRP token will be handled going forward and which of the regulators will oversee it. 

Ripple continues expansion moves

Interestingly, Ripple has continued to broaden its footprint in the crypto ecosystem via strategic partnerships and acquisitions. The firm has indicated an interest in acquiring assets of now bankrupt crypto lender Celsius.

Ripple Labs also entered a partnership with Singaporean payment firm FOMO Pay to improve the latter’s cross-border payments service while using Ripple’s On-demand Liquidity (ODL) service. It also entered the Philippine market through a partnership with Qatari National Bank (QNB).