US Congressman Urges SEC To Go After Digital Asset Exchanges That Traded XRP

United States Congressman Brad Sherman has urged the United States Securities and Exchange Commission to go after key virtual asset exchanges that traded XRP, which the financial regulator deems a security. The lawmaker mentioned,

“It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with XRP.”

The congressman told the SEC’s Director of Enforcement Gurbir Grewal,

“You’ve gone after XRP because XRP is a security. But you haven’t gone after all the major crypto exchanges that processed tens of thousands, if not far more, [XRP] transactions.”

During a recent hearing, Congressman Tom Emmer also condemned the SEC’s approach to regulating the virtual currency industry. He mentioned,

“It seems clear to everyone, except maybe those at the Commission, that the SEC is not regulating in good faith.”

It is to be noted that In the month of December 2020, the SEC charged Ripple Labs and its 2 key executives — CEO Brad Garlinghouse and co-founder Chris Larsen — with conducting sales of over a billion dollars worth of XRP, which the financial regulator said was an “unregistered securities offering.” Following the lawsuit announcement, digital asset exchanges in the United States started delisting XRP, including the Nasdaq-listed digital asset exchange Coinbase.