Technology

SEC should go after ‘big fish’ crypto exchanges, US lawmaker says

The Securities and Exchange Commission should be going after crypto exchanges that offered XRP, the chairman of the House investor protection subcommittee said Tuesday. In an oversight hearing closely watched by supporters of Ripple and the XRP cryptocurrency, California Rep. Brad Sherman questioned SEC Enforcement Director Gurbir Grewal on why the agency isn’t investigating exchanges that offered the XRP cryptocurrency. “You’ve gone after XRP because XRP is a security, but you haven’t gone after all the major crypto exchanges that process tens of thousands, if not far more, transactions,” said Sherman, a Democrat representing parts of the Los Angeles metro area. “If XRP is a security — and you think it is, and I think it is — why are these crypto exchanges not in violation of law?” Whether XRP is in fact a security is subject to one of the most intense ongoing court battles in crypto. The SEC sued Ripple in December 2020, accusing the company of failing to register roughly $1.4 billion worth of XRP as securities. Ripple, however, maintains XRP is a utility token for payments, not a speculative asset, and that it was issued prior to Ripple’s founding.

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