Investigate Exchanges Selling This Altcoin Project!

Ripple (XRP), which has been on the agenda frequently due to its lawsuit with the SEC, is now in the focus of politicians. Accordingly, Brad Sherman, who assumed the task of subcommittee chairman in America, lashed out at the altcoin project. The congressman said that even exchanges selling XRP should be investigated. Here are the details…

Congressman lashed out at this altcoin project

Brad Sherman, who serves as the chairman of the subcommittee, blasted Ripple and the SEC in a session he attended. Expressing that XRP is definitely a security, Sherman asked why the SEC did not investigate XRP as an “illegal security”. According to the congressman, XRP is an illegal security and exchanges that sell it need to be investigated. Sherman asked the SEC why it did not examine exchanges that allow XRP trading. Accordingly, “You confirm that Ripple is a security. So why don’t you search for those who sell them?” said.

SEC director Gurbir Grewal was among those who testified at the congressional hearing. Grewal focused on the SEC’s real role in crypto against Sherman’s claims. However, SEC Chairman Gary Gensler has called for crypto exchanges to be considered securities. However, this did not receive much support in Congress. Sherman said the SEC needs to step up its efforts to truly fulfill its role. He also claimed that all parties knew that the altcoin project was a security. Accordingly, cryptocurrency exchanges operated as an illegal securities exchange by trading XRP. That’s why they need to be investigated by the SEC. Sherman said:

“The SEC has confirmed that XRP is a security. Then he went after the altcoin project. But he did not go after the exchanges where over 10,000 illegal securities transactions took place. You know Ripple as a security. This means they are operating a stock exchange illegally. They know it’s illegal, you know it, and so do I. Therefore, I hope you will focus on the exchanges where the mentioned illegal transactions are experienced.”

Ripple: Sherman’s comments are all allegations

Stuart Alderoty, Ripple’s general counsel, spoke about the congressional session and Sherman’s comments. Accordingly, Alderoty claims that Sherman’s comments are false. He supports this claim because the case has not been decided in court. However, Sherman’s longstanding anti-crypto disposition makes his claims weak. As we have reported, Sherman called for a ban in 2018. Accordingly, he said that cryptocurrencies should be banned. The congressman’s anti-crypto rhetoric hasn’t changed much since then. However, another element that weakened their claims was the attitude of the exchanges. When the SEC filed a lawsuit against Ripple, many exchanges including Coinbase suspended operations with altcoins.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.