There have been several opinions by legal experts and analysts in the crypto community over the decision given by Judge Analisa Torres in the Ripple Vs SEC lawsuit. In her summary judgment, Judge Torres asserted that the sale of XRP should not be considered a security, contradicting the U.S. Securities and Exchange Commission’s argument. As expected, the ruling has garnered both praise and criticism, given its potential to establish a crucial precedent for the entire cryptocurrency industry.
One of the notable figures that have criticized the Ripple judgment is Congressman Brad Sherman, a California Democrat. Here’s what he has to say.
Congressman Brad Sherman Criticizes Ripple Ruling
Today, under the leadership of Chairman Patrick McHenry (NC-10), the House Financial Services Committee of Congress conducted a markup of legislation aimed at establishing clear regulations for the digital asset ecosystem and addressing national security concerns. During these deliberations, Congressman Brad Sherman commented on the recent landmark ruling in the Ripple case against the Securities and Exchange Commission.
Sherman has strongly criticized the Ripple ruling as “ridiculous,” expressing disapproval towards the judge’s decision that XRP is deemed “sometimes a security and sometimes not.”
Reason Behind Sherman’s Anti-Crypto Stance
Sherman has long been one of the biggest opponents of cryptocurrency and has called for it to be banned. In the past, he has harshly criticized cryptocurrency and renewed his calls for its prohibition. Interestingly, OpenSecrets.org has revealed that some of Sherman’s most significant campaign donors are major banks and mainstream financial institutions, whose interests may have been adversely impacted by the growing influence of cryptocurrency.
Some of the companies revealed include Capital Group Companies, Blackstone Group, BlackRock Inc, American Bankers Association, Capital One Financial, Charles Schwab Corp, Credit Union National Association, Discover Financial Services and Deloitte LLP.
