Ripple CTO’s responses sarcastically to CFTC and SEC regulatory conflict.
Ripple price surges over 45% crossing the $0.545 limit.
David Schwartz, Ripple CTO’s mockery about the US government institutions has gained various stakeholders’ attention. Commodity Futures Trading Commission’s (CFTC) recent activity of suing Binance and its CEO, CZ is really affecting the crypto market.
Additionally, CFTC proposed Bitcoin, Ethereum, and Litecoin to be commodities. Whereas, U.S. Securities and Exchange Commission (SEC) considers only BTC to be a commodity. Every other Proof-of-Stake (PoS) token will be under the security criteria.
Regulation and legalization of crypto tokens and exchanges are already an unstable boat in countries around the world. So, this conflict among the government entities is frustrating and confusing to the buyers, sellers, and representatives of the crypto firms.
Ripple(XRP) and SEC
Though the history between Ripple and SEC is well-known, CFTC has no newer encounter with the crypto firm. Ripple vs SEC case is quite favorable to the XRP at present. The comment from the CTO over recent speculation in the crypto market is controversial and sarcastic too.
David Schwartz tweeted:
At the same time, some crypto enthusiasts predict the XRP to fall into the CFTC suing domino spirals. CFTC and SEC are fighting quite over the jurisdiction and regulating the cryptos.
Parallely, the price has rallied up to $0.545, reaching a 6-month high. The surge recorded over 3 months is above 45%. The reason remains unknown but the traders hope for the same pattern to continue.