Crypto

CFTC expects crypto regs to begin in the US after Ripple beat the SEC

Ripple received a partial victory in its fight with the SEC, which could benefit the cryptocurrency space

Ripple Labs’ partial victory in its historic XRP battle with the Securities and Exchange Commission (SEC) may mark the first significant step toward regulatory transparency for the US cryptocurrency sector. This is the view of Caroline Pham, a commission with the Commodity Futures Trading Commission (CFTC).

Pham discussed the lack of clarity around cryptocurrency laws in the United States and whether her agency or the SEC will begin to stabilize the future crypto industry. “Last year, I said we were going to regulatory clarity first in the courts around the definition of a security, and I think you’ve seen that with some very big court opinions that have been released,” she said in a recent interview with Bloomberg.

The SEC drew criticism from the broader cryptocurrency ecosystem for its lack of direction and transparency in the industry. The regulator is suing Coinbase and Binance.US, accusing them of various securities violations, while several cryptocurrency tokens were also tagged as securities.

The exposure of the real world to digital asset tokenization was another topic of discussion. Pham points out that traditional financial institutions have explored this opportunity for half a decade.

Well-known in the cryptocurrency industry, Pham continued developing the ability to access and manage securities in the blockchain infrastructure. She added that it is imperative to consider technological advances such as blockchain technology when ensuring that financial security is not compromised.

The CFTC commissioner pointed out that recent events, such as the European Investment Bank launching its first digital bond in pound sterling and the US government’s money market fund of Franklin Templeton, have no objection from the SEC.

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