The Ripple connection in Gensler’s plan to collaborate with CFTC on crypto regulation

ambcrypto.com:

SEC Chair Gary Gensler revealed the collaborative crypto regulation plans through a speech delivered during the Penn Law Capital Markets Association’s annual conference on 4 April. The speech underscored the importance of regulators in ensuring financial stability, investor protection, fair, orderly, and efferent markets.

Gensler also noted the need for technology neutrality in regulation and said that cryptocurrencies should not be treated differently because of their different technology.

He further proceeded to list out the crypto-related areas that the SEC will target with its regulatory strategy. He revealed that he asked his staff members to create strategies for regulating platforms. The SEC requested they combine securities and non-securities trading regulation strategies while noting their collaboration with the CFTC.

“I’ve asked staff to work with the Commodity Futures Trading Commission (CFTC) on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens, using our respective authorities.”

Well, the best case study for crypto regulation could be SEC v. Ripple case. After Gensler’s recent comments, crypto traders wondered if XRP’s price will see any fluctuations.

The announcement has received differing reactions on its potential impact on the cryptocurrency market. Crypto influencer @CryptoWhale’s tweet about the SEC-CFTC’s regulatory partnership received interesting takes, especially on the potential impact on XRP.

— CryptoWhale (@CryptoWhale) April 5, 2022

One of the respondents