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Following Ripple’s partial success, Caroline Pham, Commissioner of the Commodities Futures Trading Commission (CFTC), thinks the road to American crypto regulatory clarity has been set. On July 17, Commissioner Pham remarked in an interview with Bloomberg TV that recent significant court rulings on the classification of crypto assets will eventually result in regulatory certainty.
Over 75 talks about international crypto rules had been attended by Pham, who noted that “a very advanced discussion is happening outside the United States.” Pham also thinks that the crypto catastrophe from last year could have been avoided with clearer laws and public discussions.
More Clarity With The Ripple Win
Pham expressed excitement about taking part in regulatory working groups and expressed the hope that other US agencies, such as the Securities and Exchange Commission, would collaborate to develop a “holistic approach” to crypto regulation. She said:
“You know, last year I said that we were going to see regulatory clarity first in the courts around the definition of a security, and I think we’ve seen that with some very big court opinions that have been released.”
Beyond Ripple, the verdict’s repercussions are felt on Wall Street and in Silicon Valley. It appears that retail traders are not covered by the investor protections offered to registered investment products. Howard Fischer, a former senior trial attorney for the SEC, notes that this mismatch is “almost counterintuitive.”
Gary Gensler Not Happy With Verdict
At a press conference on July 17, SEC Chairman Gary Gensler described the choice as regretful. Gensler has previously claimed that all digital assets, except Bitcoin, are securities; however, his agency has not explicitly stated this position.
Despite this, in light of the recent Ripple victory, Gensler has pledged to continue enforcement measures. Commissioner Pham also brought up the importance of real-world asset (RWA) tokenization. According to her, “real opportunities” exist for the modernization of financial markets as a result of the tokenization of money market funds on the blockchain.
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