US regulatory clarity has begun in court after Ripple win: CFTC commissioner
Caroline Pham, one of five commissioner of the Commodities Futures Trading Commission, believes the path to United States crypto regulatory clarity has been laid out following Ripple’s partial victory.
Speaking on Bloomberg TV on July 17, Commissioner Pham said recent big court decisions regarding the classification of crypto assets will eventually lead to regulatory clarity.
Pham said that she was looking forward to participating in regulatory working groups and hoped other United States regulators, such as the Securities and Exchange Commission, would work together to come up with a “holistic approach” to crypto regulation.
Pham's comments come a few days after San Francisco fintech firm Ripple won a key partial victory in an ongoing court battle in which the SEC accused it of selling unregistered securities.
Judge Analisa Torres of the Southern District of New York ruled on July 14 that XRP (XRP) was not a security when sold to retail investors on digital asset exchanges.
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The ruling was not well received by SEC Chair Gary Gensler, who called it disappointing at a July 17 press conference. Gensler has previously suggested that every digital asset aside from Bitcoin is a security, though his agency has not gone as far as to say the same.
Despite this, Gensler has vowed to continue with enforcement actions following the recent Ripple triumph.
Related: Ripple court ruling makes call for regulation 'more compelling and more urgent' —
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