XRP price surges in the middle of the storm when CFTC is friendly with Ripple despite the lawsuit with the SEC
The outcome of the lawsuit between the SEC and Ripple is likely to benefit Ripple as the CFTC moves to become more “friendly” to the company.
Caroline Pham, one of five Commissioners at the U.S. Commodity Futures Trading Commission (CFTC) had a face-to-face meeting with Ripple CEO Brad Garlinghouse ahead of the court's decision that could affect how investors XRP processing manager.
In a post earlier this week, Caroline Pham said she visited Ripple Labs offices as part of a crypto and blockchain-related learning tour.
The timing of Caroline Pham's visit is gaining immense support from the community as the CFTC's approach to interacting with crypto companies appears to be "softer" than the Securities and Exchange Commission's approach. United States (SEC).
Regarding the SEC's approach, CEO Brad Garlinghouse stated that the SEC has no interest in applying the law and accused the regulator of seeking to extend its jurisdiction beyond the authority granted to it by Congress.
In fact, under the leadership of Chairman Gary Gensler, the SEC has pursued a number of strict enforcement actions against cryptocurrency projects and related fields over the past year. So far, Gary Gensler has maintained his original stance, wanting to cripple the crypto industry but the good news is that the leader sees Bitcoin as an exception.
Overall, Ms. Caroline Pham's intimate presence at Ripple Labs is opening a positive sign about the future of Ripple's litigation with the SEC, which has lasted nearly two years.
In the latest developments, the SEC and Ripple may have grown impatient with each other, so they have both filed a summary judgment in the Southern District of New York, asking Judge Analisa Torres to issue a final judgment. together. At the same time, the CFTC is also willing to take on the responsibility of supervising the cryptocurrency market under the support of the SEC's proposal. Therefore, combining these two facts we can easily deduce why Caroline Pham decided to have a meeting with the Ripple CEO at the company's own office.
However, as soon as the news about the above important meeting was released, the XRP community was greatly boosted their expectations of a positive ending for Ripple, the XRP price has since also bounced strongly, increasing. almost 9% after the last 24 hours and is trading at 0.37 USD.
Sep 20, 2022