Legal experts and commentators in the cryptocurrency community have expressed a variety of viewpoints regarding the ruling made by Judge Analisa Torres in the Ripple v. SEC case. Contrary to the claim made by the U.S. Securities and Change Fee, Choose Torres claimed that the sale of XRP shouldn’t be regarded as a security. The decision has drawn praise and condemnation, as was to be expected, considering that it might set a crucial precedent for your entire cryptocurrency industry.
Congressman Brad Sherman, a Democrat from California, is one of many well-known people who have criticized the Ripple ruling. Here is what he has to say right now.
Brad Sherman, a congressman, criticizes the Ripple ruling
Under the direction of Chairman Patrick McHenry (NC-10), the House Financial Services Committee of Congress is now marking up legislation aimed at defining clear rules for the ecosystem of digital assets and addressing concerns about national security. Congressman Brad Sherman made a comment about the recent landmark decision in the Ripple lawsuit against the Securities and Change Fee during these discussions.
The Ripple verdict has been harshly criticized by Sherman as “ridiculous,” and he disagrees with the judge’s determination that XRP is “typically a safety and typically not.”
Sherman’s motivation for taking an anti-cryptostance
Sherman has long been one of the most vocal opponents of cryptocurrencies and has called for their outright prohibition. In the past, he has denounced cryptocurrencies fiercely and reiterated his call for its outlawry. According to OpenSecrets.org, some of Sherman’s most significant campaign funders are major banks and mainstream financial institutions, whose interests may have been negatively impacted by the growing influence of cryptocurrencies.
Capital Group Corporations, Blackstone Group, BlackRock Inc, American Bankers Association, Capital One Financial, Charles Schwab Corp, Credit score Union Nationwide Association, Uncover Financial Companies, and Deloitte LLP are only a few of the companies that have been made public.
