Former CFTC Chairman Suggests SEC May Drop Ripple Lawsuit
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According to ShibDaily, Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC), has indicated that the U.S. Securities and Exchange Commission (SEC) may consider dropping its lawsuit against Ripple. In a recent interview with FOX Business, Giancarlo discussed the broader landscape of cryptocurrency regulation and the CFTC’s growing influence in this domain.
During the interview, FOX Business senior correspondent Charles Gasparino asked Giancarlo about the likelihood of the SEC reassessing its legal stance against Ripple, especially in the context of a potential Donald Trump presidency. Giancarlo suggested that the SEC should review the cases it has lost at the lower court level and consider dismissing them. His comments suggest that the new leadership at the SEC could decide to drop the Ripple case, particularly in light of a recent court ruling.
The SEC initiated legal action against Ripple Labs in December 2020, accusing the company of raising $1.3 billion through the sale of XRP, which it claimed was an unregistered security. In July 2023, U.S. District Judge Analisa Torres issued a mixed ruling, stating that Ripple’s programmatic sales of XRP through cryptocurrency exchanges did not qualify as securities transactions under federal law. However, she also ruled that Ripple’s direct sales of XRP to institutional investors constituted securities transactions. Both Ripple and the SEC have filed appeals, with more detailed arguments expected in the coming months.
Giancarlo, who is often referred to as “Crypto Dad,” is reportedly a top candidate for the role of “Crypto Czar” under President-elect Donald Trump. Trump’s transition team is reportedly considering establishing a new position in the White House with the goal of coordinating cryptocurrency policy. This role, potentially titled “Crypto Czar,” would provide direct access to President-elect Trump and serve as a central policy coordinator across all federal agencies. The article emphasizes that it is intended for informational purposes only and should not be construed as financial advice. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.#TopCoinsSeptember $XRP comment and share for more insights like this 🙏🙏🙏
