By George Ward
The crypto industry was triumphant following Ripple’s court victory over the US Securities and Exchange Commission (SEC). However, observers are keen to see the impact of the latest event on the crypto space.
Meanwhile, a top-level CFTC executive, Caroline Pham, stated that this new development would pave the way for more regulatory clarity.
CFTC Commissioner Sees Possibility
According to Caroline Pham, Ripple’s win over the SEC signifies the next step toward achieving regulatory clarity. In a recent interview with Bloomberg, the CFTC head believes there will be a regulatory change in the US crypto landscape following the recent court ruling.
Pham further said that last year was dedicated to getting regulatory clarity from the court about which crypto assets are classified as securities. She noted that the recent court judgment has put to rest all the debates about whether Ripple’s native token, XRP, is a security or a commodity.
Moreover, the CFTC commissioner revealed her readiness to engage with regulatory working groups. Hence, she urged the Securities and Exchange Commission (SEC) to collaborate with other regulators in formulating a strategic approach toward cryptocurrency regulation.
The legal battle between the SEC and Ripple started when the regulator accused the blockchain company of selling unregistered securities. However, the case took an unexpected twist when Judge Analisa Torres, presiding over the Southern District of New York, ruled that XRP, Ripple’s native asset, could not be classified as a security.
SEC Chair Not Fazed
Responding to the latest court ruling, SEC chairman Gary Gensler reportedly stated that the agency is disappointed in the lawsuit’s outcome. He added that the commission still assesses the legal decision before making its next move.
Gensler’s comments further stirred the crypto community, sparking intense debates and speculation. Industry analysts believe the SEC chief seeks to categorize almost all digital assets, except for Bitcoin, as securities.
Despite Ripple’s recent triumph in court, Gensler has reiterated that he is not relenting in his commitment to robust enforcement actions. Despite the setback, the SEC chair reaffirmed his commitment to persist with his enforcement actions, signaling his uncompromising stance in the face of evolving legal challenges surrounding digital assets.
Furthermore, Pham suggested developing the real-world asset (RWA) tokenization concept, as it could revolutionize the financial markets. While emphasizing the transformative power of blockchain-based tokenization, the CFTC head proposed leveraging this technology to modernize money market funds.
She explained that this move could pave the way for greater efficiency, transparency, and accessibility in the finance sector. A combination of Gensler’s bold regulatory vision, Ripple’s court victory, and Pham’s groundbreaking ideas on RWA tokenization indicate that the rapidly evolving cryptocurrency landscape is entering an exciting phase.
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