Former CFTC Chair Christopher Giancarlo feels vindicated after Ripple's resounding victory against the U.S. Securities and Exchange Commission (SEC).
"I did indeed call the XRP Ledger as I saw it and, what do you know, so does the law," he said on social media.
Giancarlo, who is amicably known as "Crypto Dad," stated that XRP was not a security all the way back in 2020. In the paper that was co-authored by commodities lawyer Conrad Bahlke, he argued that the Ripple-linked token had to be classified as a currency.
This was months before the SEC sued Ripple, accusing the company of violating securities laws.
However, Giancarlo's assessment was dismissed by many since his firm was providing counsel to Ripple. Moreover, the report relied on the information provided by the company itself.
Godfrey BenjaminAfter a grueling legal fight, the SEC has now agreed to withdraw its appeal. However, it is worth noting that the agency has yet to fully approve the withdrawal.
Stuart Alderoty, chief legal officer at Ripple, has thanked Giancarlo for standing by Ripple.
"Five years ago, while many were rooting against us, even those who stood by us chose to do so silently. You were smart and brave enough to call it as you saw it. Thank you," he said.
As reported by U.Today, Giancarlo also currently predicted that the SEC would drop its case against Ripple back in November.
Vladislav Sopov
Dan Burgin