Former CFTC chair, Timothy Massad, emphasizes the need for regulatory clarity in the crypto space amid many celebrating the Ripple court ruling.
seemingly in the blockchain firm’s favor, by suggesting the XRP token was not a security.
Speaking to Cointelegraph on July 17, Massad argued that the court ruling didn’t necessarily limit the scope of the Howie test — the standard by which the SEC identifies a security — because the judge stated that institutional investors “reasonably expected that Ripple would use the capital it received from its sales to improve the XRP ecosystem and thereby increase the price of XRP”.
“This clearly shows that we cannot create a crypto regulatory framework solely through enforcement,” said the former CFTC chair. Massad added that he thought it was unlikely for the number of enforcement cases brought by the SEC or CFTC to drop even with the ruling seemingly taking XRP out of their scope. He proposed that the two regulators should work together to develop standards on crypto aimed at providing investor and market protection, either directly or through a self-regulatory organization.
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