US Lawmakers Urge The SEC To Go After Exchanges Which Traded XRP

US lawmakers urge the SEC to start going after exchanges that traded XRP and Congressman Brad Sherman said that the regulator still deems the asset a security so let's have a closer look at our latest ripple XRP news.

Timeline of Xrp

The SEC and Ripple legal battle appears to be entering a crucial phase after the former's latest appeal. The regulatory body has filed a motion for a 30-page brief and a 10-page reply to object to Judge Torres' ruling on the speech drafts.

=In the last few days, the on-chain performance of the XRP token has told a tale of a steady decrease in the buy and sell bids for the leading altcoin. According to data from Santiment, on 20 July, there was a significant spike in the number of unique addresses transacting the XRP token.

Traders, especially XRP holders and investors, are closely watching the daily developments of the Ripple vs. SEC case. Yesterday, July 23, SEC opposed the court's decision to produce the Hinman-related documents and also filed an appeal to seal some parts of the July 12, 2022 filings.

The conflict between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs rages on as the SEC contests a significant court decision. James K. Filan, a cryptocurrency lawyer, covering the SEC vs.

Ripple's XRP price ever since lost positions above $0.55 during the May crash and has severely remained drained under waters since then. The asset does not appear to have made any attempts to regain the bullish momentum and lay down a strong uptrend.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin [BTC] faced resistance at the $24.2k mark and the bulls were rebuffed in their attempt to drive prices higher.

The U.S SEC on Friday filed a motion to seal some portions of the parties' filings from July 12, 2022. It mentioned that this is in connection to their motions to exclude expert testimony.

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.

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.