During a house subcommittee oversight hearing today which looked into the SEC’s role in crypto, subcommittee chair Brad Sherman asks why The Securities and Exchange Commission hasn’t looked into exchanges which traded XRP, an “illegal security”.
XRP is a security says Sherman
Brad Sherman, D-California approved of the SEC’s case against Ripple during the commission’s enforcement division drill session. He however frowned at the commission’s disregard of the exchanges which had traded XRP.
The session saw the division director Gurbir Grewal testify, and it centered on the SEC’s real role in crypto. Sherman acknowledged that the enforcement division would need to gear up efforts so as to really play its role.
The division has determined that XRP is a security and is going after XRP but, for reasons that I’ll bring up in questions, has not gone after the exchanges where tens of thousands of illegal securities transactions were occurring, Sherman said.
He continued by saying that all parties involved are aware that XRP is a security, meaning the exchanges operated an illegal securities exchange, he urged the division to pay attention to that.
