On Tuesday (July 19th), Ripple CEO and general counsel Brad Garlinghouse and Stuart Alderoti expressed disappointment with US House of Representatives Brad Sherman (D-CA), an anti-cryptocurrency.
“Born and raised in Southern California,” Sherman said, “I’m currently in the 13th term in Parliament and have been in the House of Representatives since 1997.” He is a “Senior Member of the House Foreign Affairs Committee, a Senior Member of the House Financial Services Committee, and a Member of the House Science, Space and Technical Committee”. In 2019, Sherman was “elected Chairman of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets.” He has a law degree from Harvard University and graduated from Magna Come Loud.
On May 9, 2019, Congressman Sherman called for a complete ban on cryptocurrencies (in the United States):
During an interview with CoinDesk at Consensus 2019 on May 13, 2019, former House of Representatives and presidential candidate Ron Paul called Sherman “another thug in Washington,” saying: rice field.
“”They happen to believe they know what’s best and run the show. They want to be bosses, dictators, and he’s not uncommon … he’s very typical of all issues, whether or not he’s a social issue. ..“”
On Tuesday (July 19th), Sherman hated cryptocurrencies again. At a hearing at the Financial Services Commission of the US House of Representatives (titled “Oversight of SEC Executives”), he asked Executive Director Grubir S. Grewar:
“”Because XRP is security, we’ve chased XRP, but not all the major crypto exchanges that handle tens of thousands, if not far more transactions. If XRP is security, I think it is, and if so, why are these crypto exchanges not in violation of the law?
“”And it’s enough for the crypto exchange to say, “I’ve committed tens of thousands of violations in the past, and I promise I won’t do any more in the future.” Is it enough to unhook you from the execution hook?“”
Sherman subsequently criticized the SEC for failing to track the major exchanges (such as Coinbase) that allowed XRP to trade in the United States by December 22, 2020. This was when the SEC announced that it had filed a proceeding against Ripple Labs Inc. .. And two executives, who are also key securities holders, claim to have raised more than $ 1.3 billion through the ongoing provision of unregistered digital asset securities. ”
Sherman said to Grewar:
“”It’s easier to chase small fish than big ones, but the big fish that run major exchanges have traded tens of thousands with XRP. You know it’s a security — that means they were operating the stock exchange illegally. They know it’s illegal because they stopped it, even if it was beneficial … I hope you focus on it.“”
Following Sherman’s comment, Ripple’s CEO and Ripple’s general counsel used Twitter to criticize him for misrepresenting XRP as security. Security:
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