Former CFTC Chair Christopher Giancarlo Feels Vindicated After Ripple’s Legal Victory
Former CFTC Chair Christopher Giancarlo has expressed his satisfaction after Ripple’s recent triumph over the U.S. Securities and Exchange Commission (SEC).
Giancarlo, also known as “Crypto Dad,” took to social media to share his thoughts on the outcome, stating, “I did indeed call the XRP Ledger as I saw it and, what do you know, so does the law.”
Giancarlo’s Early Assessment
Back in 2020, Giancarlo had already made his stance clear on XRP, arguing that the Ripple-linked token should be classified as a currency rather than a security. His position, outlined in a paper co-authored with commodities lawyer Conrad Bahlke, predated the SEC’s lawsuit against Ripple for alleged securities law violations.
Despite his expertise and insights, Giancarlo’s assessment was met with skepticism by many, given his firm’s association with Ripple and the reliance on information provided by the company itself.
SEC Withdraws Appeal
Following a prolonged legal battle, the SEC has now agreed to withdraw its appeal in the case against Ripple. This development marks a significant victory for the cryptocurrency company.
Gratitude towards Giancarlo
Stuart Alderoty, chief legal officer at Ripple, publicly thanked Giancarlo for his unwavering support during the challenging times. Alderoty acknowledged Giancarlo’s courage in standing by Ripple’s side when many others remained silent or skeptical.
“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,” Alderoty expressed his gratitude towards Giancarlo.