Michaela Alvez
Christopher Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC), has suggested that the U.S. Securities and Exchange Commission (SEC) may choose to discontinue its ongoing lawsuit against Ripple.
In a recent interview with FOX Business, Giancarlo discussed broader issues surrounding cryptocurrency regulation and the expanding role of the CFTC.
FOX Business Senior Correspondent Charles Gasparino questioned Giancarlo on the possibility of the SEC reassessing its legal case against Ripple, especially in the context of a Donald Trump presidency.
In response, Giancarlo suggested that the SEC should review cases it has already lost at the trial court level and consider the option of dismissing them. His remarks indicate the belief that the new SEC leadership could opt to drop the Ripple case, particularly in light of the recent court ruling.
Ripple and SEC Lock Horns in Legal Battle
The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company raised $1.3 billion through the sale of XRP and that the cryptocurrency was an unregistered security.
In July 2023, U.S. District Judge Analisa Torres issued a split ruling on the case, determining that Ripple’s programmatic XRP sales conducted through cryptocurrency exchanges did not constitute securities transactions under federal law. However, she also ruled that Ripple’s direct sales of XRP to institutional investors did qualify as securities transactions.
Ripple and the SEC already submitted appeals to the court, with more comprehensive arguments expected to be filed in the coming months.
From CFTC Chair to “Crypto Czar”?
Giancarlo, often referred to as “Crypto Dad,” could be adding a new name to his list of monikers. Reports have emerged suggesting that Giancarlo is the leading contender for the role of “Crypto Czar” under President-elect Donald Trump.
Trump’s transition team is exploring the potential creation of a new White House role designed to streamline cryptocurrency policy. The “Crypto Czar” position could allow direct access to President-elect Trump, with the role serving as a key policy coordinator across federal agencies.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
