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Ripple CTO Proposes Regulatory Face-Off

Tue, 03/28/2023 - 09:14
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Alex Dovbnya
Ripple CTO David Schwartz has called for resolution to ongoing regulatory battle between U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) over cryptocurrency jurisdiction
Ripple CTO Proposes Regulatory Face-Off
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As the regulatory landscape for cryptocurrencies remains murky, Ripple CTO David Schwartz has proposed an unconventional solution.

In a tweet on March 28, Schwartz suggested that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should "fight out among themselves" to determine which agency should regulate the crypto industry.

The CTO's proposal highlights the growing frustration with inconsistent regulatory approaches between the two agencies.

Schwartz's tweet comes on the heels of the CFTC's recent lawsuit against Binance, one of the world's largest cryptocurrency exchanges.

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In its suit, the CFTC classified Bitcoin, Ethereum and Litecoin as commodities — a stark contrast to the SEC's stance that only Bitcoin is exempt from being considered a security.

This discrepancy has raised questions about the regulatory status of other digital assets further down the crypto spectrum.

Adding fuel to the fire, SEC Chairman Gary Gensler recently implied that Ethereum (ETH) and other proof-of-stake (PoS) tokens should be regulated as securities. This contradicts the view of CFTC Chairman Rostin Behnam and further complicates the regulatory landscape for cryptocurrencies.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at