Ripple’s Legal Victory: A Prelude to US Regulatory Transparency?
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Ripple's latest court victory in its lawsuit against the SEC could be an important step toward clarifying cryptocurrency regulations in the US, Commodity Futures Trading Commission (CFTC) Commissioner Carolyn Pham said.
In an interview with Bloomberg TV on July 17, Pham expressed her hopes for regulatory changes in the crypto space.
Thank you @BloombergTV for the opportunity to talk about our important GMC initiatives! Beyond crypto, institutional markets and central banks look to tokens of real assets such as bonds. Today, we heard about global, US and EU developments and key takeaways.
— Caroline D. Pham (@CarolineDPham) July 18, 2023
“You know, I said last year that we would see the first regulatory clarity around the definition of security by the courts, and I think we've seen that in some very large court opinions that have been released,” Pham said.
She emphasized her eagerness to participate in regulatory working groups and encouraged her counterparts at the Securities and Exchange Commission (SEC) to collaborate on developing a comprehensive strategy for cryptocurrency regulation.
The context of Pham's comments is Ripple's semi-legal victory against the SEC on July 14. The agency accused Ripple of selling unregistered securities, but New York's Southern District Judge Annalisa Torres found XRP, Ripple's cryptocurrency, ineligible. A security sold to retail investors on a digital asset exchange does not qualify as an investment contract.
SEC Chairman Gary Gensler In a July 17 press release, he downplayed the decision, saying, “And while we're disappointed by what you said about retail investors, we're still looking at it, and we're still evaluating that.” Gensler has previously proposed classifying all digital assets, excluding Bitcoin, as securities.
Unfazed by Ripple's court victory, Gensler vowed to continue enforcement actions. Meanwhile, Pham highlighted the potential of Real World Asset (RWA) tokens. She suggested that a blockchain-based money market fund token could provide a way to modernize financial markets.
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