US Lawmaker Urges SEC to Go After Major Crypto Exchanges That Traded XRP

U.S. Congressman Brad Sherman has urged the U.S. Securities and Exchange Commission (SEC) to go after major cryptocurrency exchanges that traded xrp, which the regulator deems a security.

Timeline of Xrp

The U.S SEC has been shielding the infamous Hinman Ethereum speech related documents for a long time. However, the Ripple and defendants have filed their opposition to the commission's appeal to submit a length brief in support of its objection to Judge Netburn.

The Ripple vs. SEC case was filed in December 2020 and is making headlines to date.  Initially, the lawsuit was based on the allegations that Ripple raised $1.3 billion through illegal means and its native coin, XRP, is a security. Among many exchanges of arguments, William Hinman's speech stands out.

Ripple price in recent times has been moving sideways within a very narrow range, facing constant rejections while on its way to $0.4. Most of the altcoins along with Bitcoin, currently, are displaying huge bullish momentum.

The Securities and Exchange Commission's case against Ripple Labs lingers, and the most recent of events has seen the U.S. regulatory body hit hard by an unfavorable ruling. A judge presiding over the suit has repudiated the SEC's attorney-client protection claim as a reason not to release documents pertaining to the Hinman speech.

The host of Coin Bureau says the latest news about XRP is bullish for the seventh-largest crypto asset by market cap. In a new video, pseudonymous analyst Guy tells his 72,400 subscribers that Ripple co-founder Jed McCaleb has finally sold all of his XRP holdings.

Ripple doesn't stand a chance against the Securities and Exchange Commission in its ongoing court battle, this US congressman says. U.S. Representative Brad Sherman stated in a recent FOX Business interview that he believes the SEC would prevail in its legal fight against Ripple because XRP, the native cryptocurrency on the Ripple network, is a security.

While the SEC vs Ripple case is still stuck on whether to remove amici status for XRP holders or not, there is yet another development in relation to the case. The US spokesperson, Brad Sherman has now asked the Securities and Exchange Commission (SEC) to chase every crypto exchange that supported Ripple's XRP back then.

The SEC has submitted a petition to the court to block any attempt to testify by XRP holders. The lawsuit between the agency and Ripple has been proceeding, albeit under less scrutiny by the media.

On Wednesday (July 20), American lawyer John Deaton (@JohnEDeaton1 on Twitter), the owner of the Deaton Law Firm (which is based in East Providence, Rhode Island), who has been closely following and commentating on the SEC's lawsuit against Ripple, explained to Fox Business why the SEC is angry with him.

US Representative Brad Sherman recently advised the Securities and Exchange Commission (SEC) to go after crypto exchanges that supported Ripple's XRP token. However, in a recent interaction with Fox Business journalist, Eleanor Terrett Sherman made another claim against the token.