SEC v. Ripple: Congressman Sherman Says ‘FoxBusiness Has it Somewhat Wrong’

xrp - ripple

D-California Rep. Brad Sherman, the Chair of a Congressional subcommittee focused on the Securities and Exchange Commission’s (SEC) enforcement division, has recently taken to Twitter to dispel any confusion surrounding his previous comments on Ripple’s XRP cryptocurrency.

In a tweet, the Congressman clarified that any statements made about XRP were taken out of context and misunderstood by Fox Business Network journalist, Charles Gasparino.

Rep. Sherman went on to explain that he has had numerous conversations with SEC Chair Gary Gensler regarding cryptocurrencies, but at no point were Ripple or XRP ever mentioned.

“I often speak to SEC Chair Gary Gensler, sometimes about Crypto, but never regarding XRP,” Sherman said.

He pointed out that the only time he has discussed XRP with an official of the SEC was during the testimony of the agency’s enforcement director Gurbir S. Grewal.

Gasparino’s report

It can be recalled that according to a report by FBN’s Charlie Gasparino, Rep. Sherman has expressed confidence that the Securities and Exchange Commission will win their lawsuit against Ripple.

The case against Ripple alleges that the company violated securities laws by selling unlicensed securities, and is currently ongoing. If the SEC is successful in their lawsuit, it could have major implications for the cryptocurrency industry, as it would set a precedent for other companies who are selling digital assets.

As per Gasparino’s report, representative Sherman has called on the SEC to expand their lawsuit to include cryptocurrency exchanges that facilitated the trading of XRP, and it will be interesting to see if the SEC takes his advice.

Either way, this case is sure to have a major impact on the crypto world.

These latest developments – including recent comments from Ripple’s CEO Brad Garlinghouse pointing out the fact that despite Rep. Sherman’s background as a “magna cum laude at Harvard Law, he opted “to advance a political agenda over sound policy and ignoring what the law actually says” – provide much-needed clarity on the situation and give insight into the complex world of cryptocurrency regulation.

Price Action

As of press time, XRP is changing hands at $0.3658, down more than 1% intraday.

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