The Congressman wants the SEC crypto exchanges for the trade in XRP
The Congressman wants the SEC crypto exchanges for the trade in XRP
- The enforcement department of the SEC was criticized on Tuesday because of its regulation of the cryptocurrency sector
- The Congressman Tom Emmer said that the SEC had become a "power -hungry regulatory authority" under Gary Gensler
In front of the House Committee on Financial Services, the US MP Brad Sherman said that the US stock exchange supervisory authority (SEC) failed to pursue cryptocurrency exchanges that supported the trade in cryptocurrencies from Labs.
The enforcement unit of the SEC was asked in a cross -interpretation for its regulation of cryptoplatt forms hearing in Congress on Tuesday.
"If XRP is a security and you think it is, and I think that's why these crypto exchanges don't violate the law?" Sherman, The For a complete ban on cryptocurrencies in 2019, SEC department head Gurbir said Grewal.
Grewal and said that it was proceeded last year against the Delaware Börse Polonieex. Sherman said: "It is easier to chase the little fishing than the big fish."
The SEC has been involved in a protracted legal dispute since December 2020, accusing upgraded by selling XRP - which the supervisory authority has classified as a non -registered security.
ripple Labs led this struggle by claiming that the token and the underlying infrastructure were sufficiently decentralized so as not to be token Investment contract and should therefore not be registered under the Sec.
US platforms operated by several stock exchanges, including Coinbase, Binance, FTX and Kraken, have exposed the XRP trade for US citizens to the SEC.
dishes still have to decide whether XRP is a security
No formal result has found that XRP is actually a security. Ripple Stuart Alderoty, General Counsel of Labs, continued Twitter determined ".
Nevertheless, during the hearing, Sherman said that “the department found that XRP was a security and was behind XRP, but for reasons that I will be in question, did not go according to the stock exchanges where tens of thousands of illegal securities transactions occurred.”
XRP has dropped by more than half immediately after the SEC complaint, but is now trading 60 % above these levels.
The token has so far dropped by 65 % this year, but has increased almost 17 % in the last month, together with recovering cryptoma markets, data from Blockworks research an.
The MP Tom Emmer also criticized the SEC separately during the hearing and said that it did not clarify which areas of the crypto industry fall into its responsibility and that her strategic hub for innovation and financial technology (FinHub) under the chairman Gary Gensler had "dissolved".
"Under the chairman Gensler, the SEC has become a power -greedy regulatory authority that politicizes the enforcement, company to 'come and speak' with the Commission, then beat them with enforcement measures and keeps up with good faith cooperation," said Emmer.
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