XRP

Ripple’s lead engineer to exit after nearly a decade with the firm

Nik Bougalis primarily worked on open-source code projects for the payments-focused XRP Ledger, with the recent push to introduce NFTs being a key implementation of note.

Ripple Labs’ director of engineering Nik Bougalis is exiting the firm after nearly 10 years, becoming the latest of crypto’s long-time serving executives to depart from the space. 

In an Oct. 22 tweet, Bougalis noted that: “my decade-long journey at Ripplehas been a fantastic (if exhausting and all-consuming) one. I got to work on a project that I love, towards a goal I believe in. But that journey will be coming to an end in a few weeks.”

Interestingly, the Ripple developer noted that he will not be joining a blockchain project or company next.

“As for what’s next? I’ll talk about it when it’s time, but I am NOT joining another blockchain project/company, nor am I doing NFTs or DeFi,” he said.

Bougalis has a lengthy background in software engineering and cryptography, and while at Ripple, he primarily worked on open-source code projects for the payments XRP Ledger, also known as XRPL.

One of Ripple’s key recent developments that Bougalis has overseen is the XLS-20 amendment which will see the introduction of nonfungible tokens (NFTs) to XRPL. While there were a few initial bugs that reportedly needed ironing out, the upgrade is reportedly set to go through in early November.

The cryptographer went on to state his thoughts that Ripple will do just fine without him.

“Its long-term health and success isn’t predicated on any one person. I’m confident that it will be just fine, thanks to talented and passionate individuals who contribute and participate, each in their own way.”

Related: Ripple’s $250M fund backs Web3 projects focused on ‘entertainment and media’

The blockchain sector has seen a number of top figures step away from their companies this month, such as the chief financial officer of NFT marketplace OpenSea, Brian Roberts who revealed on Oct. 7 that he is exiting the firm.

On Oct. 21, Polkadot co-founder Gavin Wood also called an end to his time at blockchain infrastructure company Parity Technologies, stating that it was not a position where he saw himself finding “eternal happiness.”

Other high-profile execs that followed the same route over the past few months include FTX US president Brett Harrison, Kraken CEO Jesse Powell, MicroStrategy CEO Michael Saylor and Genesis Trading CEO Michael Moro.

On a broader front, Ripple recently scored a notable win in its long-running legal battle with the United States Securities and Exchange Commission (SEC) over alleged securities violations with XRP (XRP).

On Oct. 21, Ripple general counsel Stuart Alderoty revealed on Oct. 21 that the firm finally got its hands on important documents that could significantly strengthen its defense against SEC.

The documents in question relate to a 2018 speech by former SEC division director William Hinman relating to the regulatory status of Ether (ETH), which the government agency has fought long and hard to keep under wraps during the legal dispute.

‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands

The truth will be shameful and shocking for the SEC, according to Ripple boss Brad Garlinghouse.

San Francisco-based fintech firm Ripple has inched closer to victory in its ongoing battle with the United States Securities and Exchange Commission (SEC).

On Oct. 21, Ripple general counsel Stuart Alderoty confirmed on Twitter that they finally have the elusive documents after “18 months and 6 court orders,” though noted they remain confidential at the SEC’s insistence.

“It was well worth the fight to get them,” he exclaimed, adding: 

“I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”

The fought-over documents relate to a 2018 speech by former SEC division director William Hinman regarding the status of Ether (ETH), with the financial regulator seemingly pulling out all the stops to keep the documents under wraps.

In late September, U.S. District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents. 

At the time, he stated that ETH was not a security and Ripple considers this a key argument in its case against the regulator, which has accused it of conducting an unregistered securities sale of its native token XRP (XRP).

Partner at Hogan & Hogan Jeremy Hogan commented that these are the briefs “where we’ll really see how strong each position is,” while posturing how the SEC will respond. He added that the briefs will be made public on Oct. 24.

Ripple CEO Brad Garlinghouse vented on Twitter, claiming that the SEC’s behavior was shameful and shocking:

“The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you.”

Related: Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army

XRP prices don’t appear to have reacted to the latest development. Over the past 24 hours, the token has lost 3.2% in a fall to $0.446 at the time of writing, according to CoinGecko.

However, Ripple’s momentum has been strong over the past month or so as the case inches toward closure, but XRP is still down 87% from its January 2018 all-time high of $3.40.

Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army

Optimistically speaking, Brad Garlinghouse thinks the case will be concluded in three to four months, though it could take longer.

According to Ripple CEO Brad Garlinghouse, the long-drawn-out battle between Ripple and the United States Securities and Exchange Commission is nearing its conclusion — but it could still take many months.

Ripple’s native token, XRP (XRP), has been on a tear over the past month thanks to increased speculation about a successful resolution to the case before the end of the year.

On Oct. 11, Garlinghouse told panelists at the DC Fintech Week conference that he expects the case against the firm to come to a conclusion in the first half of 2023 but admitted that it was hard to predict.

The action by the U.S. securities regulator was initially filed in December 2020 and accused the company of conducting an unregulated securities sale with its XRP token. It has been a long drawn-out affair, and Garlinghouse said that it was a bellwether case for the U.S. and wider crypto industry. He added that it will be fully briefed and in front of the judge by mid-November.

“Federal judges work at their own pace,” he stated, before adding, “Optimistically, we’re talking about three to four months. Pessimistically, it could be longer than that.”

Garlinghouse also referenced former SEC Division Director William Hinman’s 2018 speech about Ether (ETH) not being a security and said that the judge had ordered the SEC to hand over the details six times. On Sept. 29, a small victory for Ripple was finally won regarding these elusive transcripts finally being handed over once and for all.

The fintech boss said that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

Hoskinson hits back

Meanwhile, Cardano founder Charles Hoskinson has hit back over a barrage of abuse he received from Ripple fans, better known online as the XRP Army. In a video on Oct. 11, he said:

“It came as a tremendous surprise the incredible wave of criticism I received for a single comment which was taken out of context.”

The comment was regarding rumors of a “financial conspiracy” involving the SEC and Ethereum co-founders that have been swirling in the XRP camp. Many Ripple supporters, including Brad Garlinghouse, believe the regulator gave ETH an unfair advantage over XRP at the time due it not being perceived as a security, with the regulator solely targeting Ripple.

Hoskinson claimed that the SEC is after Ripple, not because of corruption or any conspiracies invented by the XRP community but due to a lack of clarity. This irked the XRP Army, which began trolling Hoskinson on Twitter until he decided to block many of them.

The outspoken Cardano founder also got into a battle with Ethereum developers last month over the Merge, claiming it was a flawed proof-of-stake implementation. More recently, in an exclusive interview with Cointelegraph on Oct. 10, Hoskinson was equally critical of both Ether and Bitcoin (BTC).

In related Ripple news, the San Francisco-based fintech firm has expanded its On-Demand Liquidity (ODL) services to France and Sweden. In an announcement on Oct. 11, it was reported that Paris-based payment provider for online marketplaces, Lemonway, would be its new French partner while Swedish money transfer provider Xbaht would facilitate money movement between Sweden and Thailand. Ripplenet’s ODL service uses XRP to provide liquidity for cross-border transfers.

Related: Cardano founder points out flaws in Ethereum and Bitcoin

XRP prices, meanwhile, have retreated a further 1.5% over the past 24 hours in a fall to $0.485, according to CoinGecko.

XRP price could rally by 50% based off comments from a former SEC director

XRP investors are hopeful that a potential court victory against the SEC could send the altcoin price at least 50% higher.

XRP is hoping that the token could see a massive price rally in 2022 based off the fingers-crossed assumption that Ripple will win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC).

Hinman documents to save XRP bulls?

On Sept. 29, the district court judge in the case, Judge Analisa Torres, ordered the commission to release the documents penned by William Hinman, the former director of the corporation finance division at the SEC. 

Hinman may have written about Ether (ETH), the native token of the Ethereum blockchain, not being a security in the concealed documents, believes Ripple. That is primarily because Hinman had proclaimed the same in his speech at the Yahoo Finance All Markets Summit in June 2018.

Ripple’s defense could use Hinman’s writing as evidence that its blockchain’s native token, XRP, should not be treated as a security, which is the opposite of what the SEC claimed in the lawsuit filed in December 2020.

XRP has since been ousted from many regulated crypto exchanges, including Coinbase and Bitstamp. As a result, it is now among the only top cryptocurrencies that have neither reclaimed nor established a record high during the 2020–2021 crypto market boom, reflecting caution from investors.

Some might argue, that from the vantage point of technical analysis, XRP price remains undervalued compared to other top-ranking cryptocurrencies. And a Ripple win might change that, given the token rallied 20% in a day after Judge Torres’s order.

Related: CFTC commissioner proposes office focused on retail crypto investors

Resistance and confluence

From a technical standpoint, XRP is one breakout away from posting a 50% price rally.

Notably, the token now tests a resistance confluence of one multi-year descending trendline resistance, a flipped support bar and a Fibonacci line — all pivoting near $0.57. A Ripple win could help XRP break decisively above this confluence.

XRP/USD weekly price chart. Source: TradingView

Such a breakout could have XRP eye a run-up toward the next Fib line near $0.72, up over 50% from Oct. ‘s price. Conversely, a pullback could crash XRP to its previous support level of $0.31, down 35% from the current price levels.

“$XRP is basically a court case play,” noted independent market analyst DonAlt, adding:

“If they win the whole case $XRP giga pumps. if they lose it’ll be a nice -50% candle. Also, an $XRP loss would make other cryptos more vulnerable to attack, so you better cheer them on.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin risks worst weekly close since 2020 as BTC price dices with $19K

There’s little to smile about for Bitcoin bulls as the weekly candle nears completion at nearly the same place as two years ago.

Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sept. 25 as a week of macro turmoil took its toll.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader prepares for “important week” for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.

While only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days would continue the bleedout across risk assets.

“The whole week traded within the monday range. Weekly close gonna be bearish, looking like a pin bar,” popular trading account Crypto Yoddha told Twitter followers in a summary post, adding:

“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. (Q3 close + Monthly close).”

Macro commentator Alex Kruger meanwhile noted that the Sept. 19 close marked Bitcoin’s lowest of 2022.

“Thinking lower then higher,” he wrote in a Twitter discussion, adding:

“Replay of June CPI week on equities, crypto to outperform once bounce is on, as it has been showing relative strength (heavy spot buyers last two days). strong bounce =/ new multi-week upwards trend.”

Unless a last-minute rebound came into play, however, the largest cryptocurrency was on track for an even less enviable achievement — its lowest close since November 2020.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Michaël van de Poppe, founder and CEO of trading firm Eight, added that volatility was all but guaranteed next week thanks to the precarious macro environment.

Hand in hand with that, the U.S. dollar index (DXY) prepared to defend the new 20-year highs claimed the week prior — over 113.2, and at the expense of multiple major fiat currencies.

U.S. dollar index (DXY) 1-week candle chart. Source: TradingView

XRP takes the altcoin gains crown

Among the top ten altcoins, losses from the week were being shouldered chiefly by Ether (ETH), now down 8% as hype over the Merge faded.

Related: The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

The largest altcoin by market cap circled $1,300 at the time of writing, its lowest since mid-July. 

ETH/USD 1-week candle chart (Binance). Source: TradingView

The only token bucking the trend was XRP, which continued to rally as the market hoped for a victory in the ongoing court battle between major investor Ripple and U.S. regulators.

XRP/USD 1-week candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?

The XRP price rally appears to be driven by a “buy-the-rumor” frenzy in a potential lawsuit win for Ripple versus the SEC.

XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC).

Settlement rumors fuel XRP price boom 

On Sept. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day. Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar.

XRP/BTC and XRP/USD daily price chart. Source: TradingView

The big price leaps in the XRP market started appearing after Ripple and SEC filed motions for a summary judgment with the court on Sept. 12 regarding their ongoing legal battle over allegations that Ripple hcommitted securities fraud.

In other words, Ripple and SEC agreed that the court should use the available evidence to reach a verdict on whether the blockchain firm illegally raised funds by selling XRP by December 2022, and thus avoid a trial. 

XRP’s price has boomed approximately 75% and 60% versus Bitcoin and the dollar, respectively, since Ripple’s court filing, fueled by optimism of a possible win for Ripple.

The buying accelerated further after Ripple CEO Brad Garlinghouse suggested the same in his recent interview with Fox Business on Sept. 22.

Garlinghouse:

“People realize that the SEC is really overreaching and they are not following a faithful allegiance to the law in pursuit for an outcome […] The SEC has kind of lost its way.”

XRP sharks and whales buying since 2020

The price surge also comes amid the consistent accumulation of XRP tokens by rich investors csince May.

The percentage of entities holding between 1 million and 10 million XRP tokens — known as sharks and whales — has risen as a whole to 6.35% on Sept. 23, 2022, up from 5.43% on Dec. 31, 2020, according to data from Santiment, which noted: 

“Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020.”

Active XRP shark and whale addresses. Source: Santiment

Meanwhile, the given period also witnessed entities with over 10 million XRP tokens reaching an all-time low 70.75% of the current supply. 

Pain ahead?

It appears that traders have been buying the rumor in the run-up to the Ripple vs. SEC verdict. But while it remains to be seen if this will then turn into “sell the news,” depending on the outcome of the ruling, XRP’s technicals are hinting at a potential correction.

Notably, XRP has already become an overbought asset versus Bitcoin and the dollar.

Related: Total crypto market cap shows strength even after the Merge and Federal Reserve rate hike

The relative strength index (RSI) for XRP/BTC reached almost 85 on Sept. 23, way above the overbought threshold of 70 that typically precedes a strong price correction or consolidation.

XRP/BTC has already corrected by nearly 10% from its 13-month peak, as shown in the chart below. The pair now tests 0.00002601 as its short-term support, which, if broken to the downside, could have it test 0.00002079 as its primary downside target or a 20% drop from current levels by the end of the year. 

XRP/BTC daily price chart. Source: TradingView

Meanwhile, XRP eyes a similar sharp correction versus the dollar after crossing paths with a multi-month descending trendline resistance, as shown below.

XRP/USD three-day price chart. Source: TradingView

An extended pullback from the trendline resistance could see XRP test its near-term horizontal trendline support as its next downside target. In other words, the XRP/USD pair could drop to $0.31 by the end of 2022, down almost 40% from Sept. 23’s price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price breaks out of range with a 25% rally, but why?

XRP attracts buyers after the hope of a positive court ruling triggers a 25% rally above a key longer term resistance level.

Crypto markets are flashing a bit of green on Sept. 22 as Bitcoin (BTC) price tacked on a 4.7% gain to trade above $19,300 and Ether (ETH) surged 6.5% to recapture the $1,300 level. 

RSR and Astar Network (ASTAR) also surged by 23% and 17% respectively, but the more notable mover of the day was XRP.

Currently, XRP price reflects a near 25% gain and the asset is up 41% in the past month. According to defense lawyer James K. Filan, on Sept. 18, Ripple Labs filed a motion for summary judgment — a legal process that involves the court making a final decision based on the provided facts, rather than ordering a trial — and a decision on whether XRP is a security is expected by mid-December.

Excitement over the news could be improving investor sentiment about the longer-term prospects for XRP.

Related: Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’

From the perspective of technical analysis, XRP price is looking to secure a second daily close above a longterm descending trendline resistance and trading volumes and open interest on futures contracts have risen sharply in the past 24-hours.

XRP/USDT 1-day chart. Source: TradingView

According to Cointelegraph market analyst Marcel Pechman:

“XRP’s open interest is now at $575 million up from $310 million just a week ago.”

Traders who are not yet positioned might consider waiting to see if the 200-day moving average at $0.49 is flipped to support over the next few daily closes. Typically, intraday and swing traders take profit at longer term resistance levels and they also anticipate price rejections and lower support retests after an asset manages a breakout from a period of long consolidation, price bottom or a market structure-altering move.

Crypto analytics data provider TheKingfisher drove a similar point by suggesting that buyers would “likely have an opportunity to long XRP lower.”


The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Crypto and stocks soften ahead of Fed rate hike, but XRP, ALGO and LDO look ‘interesting’

Crypto and stock markets continue to correct, but that doesn’t mean all the investment opportunities are gone.

Prices remain soft across the market as traders await Federal Reserve Chair Jerome Powell’s statement on the size of the next interest rate hike. 

At the moment, the market consensus is a 0.75 bps rate hike and a sliver of analysts are banking on 1%.

Stocks also appear en route to close the day in the red, with the Dow down 0.75% and the S&P 500 and Nasdaq registering a 0.79% and 0.64% loss, respectively. Bitcoin (BTC) continues to fight what appears to be a losing battle at the $19,000 mark, while Ether (ETH) dug a little deeper into its post-Merge dip by making an intra-day low at $1,329.

While BTC, ETH and altcoins aren’t making any notable moves that defy the current downtrend, from the perspective of market structure and technical analysis, there are a few interesting developments occurring.

Lido (LDO) has corrected alongside Ethereum now that the Merge-trade fervor has subsided, but the asset currently trades in what some would say is a bull flag. While ETH bulls and traders might have taken profits on their long Ether positions, the Merge was a success, stakers and validators still derive yield from the altcoin and the fundamentals that turned investors bullish on Ether remain present.

Ideally, if Ether’s decentralized applications (DApps) and active users continue to expand and traders keep accumulating, then in an otherwise down market, yield should be a capital magnet, no?

LDO/USDT 1-day chart. Source: TradingView

From a market structure point of view, Ripple (XRP) looks interesting, and there’s been a ton of social chatter about it on Twitter lately. Following the usual hopium-laced narrative, members of the XRP army have been suggesting that if XRP beats its SEC case and is not deemed a security, the price could “moon.”

Of course, solid fundamentals and signs of growth via new address and an in-demand product to market fit should drive investments, but in the absence of that, the market structure does look interesting.

XRP/USDT 1-day chart. Source: TradingView

Basically, there’s a pre-bull market precedent of a lengthy consolidation phase within a rounding bottom that is somewhat similar to what we can see from the last 137 days. Volumes are kicking up, price broke through a long-term descending trendline that has historically served as resistance and from the perspective of XRP’s HTF market structure, one might conclude that a price bottom has been found.

But, as a word of caution, hype and expectation tend to trigger volume surges. Regardless of whether the SEC decides that XRP is a security or the opposite, investor excitement could still peter out and the price could simply trade in the same sideways range in perpetuity or until the “next bull market.”

Related: Price analysis 9/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

ALGO/USDT 2-day chart. Source: TradingView

Algorand’s (ALGO) market structure also looks interesting. Price fully retraced the complete bull market rally and now trades in the same range as it did in 2019 and 2020. Occasional buy volume pops haven’t been sustained for long enough to clear the $0.40 level, but things could get spicy if a few daily closes above this zone and a test of the 200-MA at $0.48 occurred.

If the wider market began to consolidate and ALGO buy volume sustains, flipping this moving average to support could see an upside to $0.69, and daily closes above $0.80 would set a significantly higher high that would indicate confirmation of a trend reversal.

As a disclaimer, these charts simply reflect assets that look “interesting.” Currently, the market is still overwhelmingly bearish and large caps like BTC and ETH have yet to find a bottom.

Ultimately, it’s the Federal Reserve that is calling the shots on what happens in risk assets like crypto. So take these snapshots with a grain of salt and proceed with caution.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Oman’s Indian embassy Twitter account compromised to promote XRP scam

The hackers behind the attack may have been responsible for breaching India-based crypto exchange CoinDCX’s Twitter account given the similar fake XRP giveaways.

Scammers have hacked the official Twitter account of the Embassy of Oman in India, replacing the profile picture with Ripple CEO Brad Garlinghouse and using the reply function to spam users with fake XRP giveaway phishing links.

At the time of publication, the Twitter account OmanEmbassy_Ind showed several retweets matching those of Garlinghouse, seemingly in an attempt to make the activity look legitimate. The hacked account has been responding to tweets using the hashtag XRP, encouraging users to sign up for a fake giveaway of 100 million tokens — worth more than $42 million at an XRP price of $0.42.

The hackers behind the fake Ripple XRP CEO, identified as “Galringhouse,” may have been responsible for breaching India-based crypto exchange CoinDCX’s Twitter account, given the similar fake giveaways. CoinDCX reported on Tuesday that it had restored access to its account. While the crypto exchange’s Twitter account had more than 230,000 followers, the Embassy of Oman in India only showed 4,119 at the time of publication.

On Monday, Caroline Pham of the United States Commodity Futures Trading Commission made waves on social media after posting a photo of herself standing with Garlinghouse in the offices of Ripple Labs’. A decision in a Securities and Exchange Commission case alleging Ripple’s XRP sales violated securities laws may be forthcoming after both sides filed motions for summary judgment on Saturday.

Related: Hackers might be responsible for removing $4.8M from crypto exchange ZB.com: PeckShield

Many hackers have used social media to attempt to scam unsuspecting users out of both crypto and fiat since the platforms were created. Using high-profile figures in the crypto space — like Garlinghouse, Elon Musk, and others — is a common tactic. In June, the U.S. Federal Trade Commission reported that scammers had pilfered roughly $1 billion in crypto from 2021 to the first quarter of 2022, with half of all crypto-related scams originating from social media platforms. 

CFTC commissioner visits Ripple offices as decision in SEC case looms

The outcome of the SEC v. Ripple lawsuit could influence whether the CFTC or SEC will play a greater role in handling the XRP token as a commodity or security.

Caroline Pham, one of five commissioners at the United States Commodity Futures Trading Commission, or CFTC, met with Ripple CEO Brad Garlinghouse ahead of a court decision that could affect how regulators handle XRP tokens.

In a Monday tweet, Pham said she visited Ripple Labs’ offices as part of a “learning tour” involving crypto and blockchain. Garlinghouse later tweeted that the commissioner’s visit was related to “public-private engagement” — likely referring to a privately funded company like Ripple engaging with U.S. regulators.

The timing of Pham’s visit had many on social media reacting to the CFTC’s approach to engaging with crypto firms and token projects when compared to that of the Securities and Exchange Commission, or SEC. On Saturday, the SEC and Ripple both filed motions for summary judgment in a case alleging the firm’s XRP sales violated securities laws. The case has been ongoing since December 2020.

The outcome of the SEC case could influence which federal regulator might play a greater role in handling the XRP token as a commodity or security. Garlinghouse claimed on Saturday that the SEC wasn’t “interested in applying the law” and alleged the regulator sought to “expand their jurisdiction far beyond the authority granted to them by Congress.”

Related: The SEC vs. Ripple lawsuit: Everything you need to know

Under chair Gary Gensler, the SEC has pursued many enforcement actions against crypto projects and related areas. The regulatory body labeled nine tokens as “crypto asset securities” falling under its purview in July complaint against a former Coinbase product manager, prompting criticism from Pham at the time.

Cointelegraph reached out to the CFTC, but did not receive a response at the time of publication.