XRP Price Surge Amidst CFTC’s Friendly Stance Toward Ripple Despite SEC Lawsuit
The ongoing legal battle between the SEC and Ripple might favor Ripple as the CFTC takes a more “friendly” stance toward the company.
On September 20, 2022, XRP experienced a notable price increase as the Commodity Futures Trading Commission (CFTC) appears to be warming up to Ripple, despite the ongoing lawsuit with the SEC.
Caroline Pham, one of the five commissioners at the CFTC, recently met with Ripple CEO Brad Garlinghouse ahead of a court decision that could impact how regulators approach XRP.
The next stop on my learning tour was visiting @Ripple Labs. Thanks @bgarlinghouse! #XRP #crypto #blockchain pic.twitter.com/ICr8H2ZE3q
— Caroline D. Pham (@CarolineDPham) September 19, 2022
In a post earlier this week, Caroline Pham mentioned her visit to Ripple Labs as part of a learning tour related to cryptocurrency and blockchain.
The timing of Caroline Pham’s visit has been warmly welcomed by the crypto community, given that the CFTC’s approach to engaging with crypto companies seems “gentler” compared to the SEC’s methods.
Today's filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress. https://t.co/ooPPle3QjI
— Brad Garlinghouse (@bgarlinghouse) September 17, 2022
Regarding the SEC’s approach, CEO Brad Garlinghouse has criticized the SEC for focusing on expanding its jurisdiction beyond what Congress has authorized. Under Chairman Gary Gensler's leadership, the SEC has pursued stringent enforcement actions against various crypto projects over the past year. Gensler’s stance remains consistent, aiming to crack down on the crypto sector, though he has acknowledged Bitcoin as an exception.
Overall, Caroline Pham’s close engagement with Ripple Labs signals a positive development in Ripple’s prolonged legal battle with the SEC, which has lasted nearly two years.
In recent developments, both the SEC and Ripple, possibly frustrated with each other, have filed motions for summary judgment in the Southern District of New York, asking Judge Analisa Torres for a final ruling. Simultaneously, the CFTC is ready to oversee the crypto market under the SEC’s proposal. Combining these factors, it’s clear why Caroline Pham chose to meet with Ripple’s CEO at their office.
Following the news of this important meeting, XRP’s community has been buoyed by heightened optimism about a favorable outcome for Ripple. Consequently, XRP’s price surged nearly 9% in the past 24 hours, trading at $0.37.
15-minute XRP/USDT Chart
Source: Binance
