Ripple CEO and General Counsel strongly opposed US Representative Brad Sherman’s anti-XRP comments. Ripple executives reacted to comments made by Brad Sherman of D-California on Tuesday, urging the US Securities and Exchange Commission (SEC) to go after crypto exchanges that trade XRP. Here are the details…
Ripple opposes its anti-XRP comments
Sherman, Chair of a U.S. Congressional subcommittee focused on the enforcement division of the SEC, said in an oversight session Tuesday:
The Division (SEC) has determined that XRP is a security and is after XRP. However, for the reasons I will raise, it did not go after exchanges where tens of thousands of illegal securities transactions took place. [XRP]You know it’s a security. This means that they are operating an illegal stock exchange.
Ripple executives reacted to Sherman’s comment
Sherman’s comment was not well received by Ripple’s senior executives, including Brad Garlinghouse, Ripple CEO, and Stuart Alderoty, Ripple’s General Counsel. Duo, Rep. She reacted to Sherman’s comments on her own Twitter pages. Attorney Alderoty reminded Sherman that the US has not yet classified XRP as a security, as the case is currently being challenged in court. He noted that only the court will decide whether the cryptocurrency is a security. Attorney Alderoty used the following statements:
Elected officials do not understand that mere filing a lawsuit by the SEC determines nothing…
Ripple’s General Counsel, Rep. He described Sherman’s comments as a detrimental effect of the SEC’s enforcement approach to regulation. This too is a tactic that has been heavily slammed by the cryptocurrency community. On the other hand, Ripple’s CEO believes Sherman is knowledgeable about legal matters, given that he has “great success in Harvard Law.” Garlinghouse added that although Sherman had a good knowledge of the law, he “prefers to develop a political agenda rather than a sound policy and ignore what the law actually says.”
SEC and Ripple lawsuit: Latest developments
cryptocoin.com As we also reported, the SEC accused Ripple of conducting an unregistered securities offering in the United States in December 2020. Unlike most cryptocurrency companies, Ripple has held its ground, challenging the SEC’s argument that its native token – XRP – is not a security.
Despite Ripple’s claim, US-based exchanges had to cut XRP support. They fear that if Ripple is found guilty, the SEC may come after them to facilitate trading of the cryptocurrency on trading platforms. The case has been going on for more than a year. It is said that the case may end in the first quarter of 2023.
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