XRP CASE: Former CFTC Chairman Says That SEC Has NO AUTHORITY Over Cryptocurrencies

The SEC lawsuit against Ripple has been long, drawn out, and could continue for a long time…..

No one is quite sure who will end up on top, although Ripple seems to heave dealt several major blows to The SEC recently.

While the court case and debate continue to evolve, some people like Former CFTC Chairman Chris Giancarlo are contributing to the debate.

Former Commodity and Futures Trading Commission Chairman, Chris Giancarlo claims that The SEC has absolutely no jurisdiction when it comes to XRP, or any other cryptocurrency for that matter.

Giancarlo points out that the proper way to regulate XRP is through The CFTC and not through The SEC.

He claims:

Only one US regulatory agency has experience regulating markets for #Bitcoin & #Crypto and it is not @SECGov. It is @CFTC. If #BidenAdministration is serious about sensible #Cryptocurrency #regulation, it needs to nominate a CFTC #chairman.

— Chris Giancarlo (@giancarloMKTS) August 4, 2021

"XRP should not be regulated as a security, but instead considered a currency or a medium of exchange.”

– J. Christopher Giancarlo, former chairman of the
CFTC

👉https://t.co/0lcYGbyAIV pic.twitter.com/rTzWToh5aZ

— XRP_Cro (@stedas) December 5, 2020

Coin Telegraph notes:

Quintenz stressed that cryptocurrencies are commodities and thus fall under the CFTC’s jurisdiction, as opposed to securities that are regulated by the SEC, stating:

“Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil….or crypto assets.”

Quintenz’s remarks came just about half an hour after former CFTC Chair Christopher Giancarlo made a similar statement on Twitter, arguing that the CFTC is the only U.S. regulatory agency that has experience regulating markets for Bitcoin and crypto.

Let the CFTC do it’s job. If we need the SEC, we will call you. $XRP #stayinyourlane https://t.co/QgHtWvuaNp

— XRPisaCurrency (@XRPisaCurrency) August 4, 2021

Brad Garlinghouse's lawyers file request for #Binance documents in 'international' challenge to #SEC lawsuit. #BTC #ETH #XRP #Crypto pic.twitter.com/CO5v1kOQnf

— Crypto Guru (@cryptoguru_me) August 3, 2021

The Daily Hodl warns that the lawsuit is far from over:

According to Filan, the lawsuit between the SEC and Ripple is a “war” and XRP bulls should strap in for the long haul.

“I don’t think that anyone should expect a settlement anytime soon. The government is not giving up and based on everything I’ve read, Ripple will not give in. I do think that the Hinman deposition went forward. I don’t think Ripple would forfeit that opportunity.”

“Ripple said Hinman has ‘unique first-hand knowledge about the SEC’s communications with third parties and about the agency’s adoption or approval of his well-publicized speech in 2018 about the regulatory treatment of cryptocurrencies.’

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