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Ripple court victory sparks U.S. regulatory momentum



CFTC Commissioner Caroline Pham believes the United States is moving towards greater regulatory clarity on digital assets and securities.

Speaking in a Bloomberg TV interview on Monday, July 17, Pham declared against the backdrop of Ripple’s recent partial victory in their lawsuit against the US SEC. According to the commissioner, future court decisions will continue to move the U.S. toward a more precise legal framework for digital assets.

In addition, Pham stated that court rulings are beginning to provide regulatory clarity around digital assets. Pham had previously predicted that court cases would be the first source of regulatory clarity, particularly concerning the definition of securities.

Moreover, stressing the importance of cooperation between U.S. regulators to create effective regulation for crypto assets, the commissioner expressed willingness to participate in working groups to achieve this goal while also calling for collaboration between the SEC and other regulators. 

In the Ripple case, Judge Analisa Torres ruled in a July 14 judgement that XRP did not qualify as a security when sold to retail investors. The ruling contrasts with SEC Chair Gary Gensler’s view that most digital assets should be considered securities. Accordingly, he expressed disappointment with the Ripple decision, noting that the SEC would continue to pursue enforcement actions.

Meanwhile, Commissioner Pham also acknowledged the potential of RWA tokenization and its potential to modernize financial markets. She noted that tokenizing money market funds on the blockchain could bring significant innovation to the financial sector.


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