U.S Lawmaker Brad Sherman Thrashes SEC For Neglecting Exchanges

U.S Lawmaker Brad Sherman Thrashes SEC For Neglecting Exchanges
  • U.S lawmaker Brad Sherman questions the SEC. 
  • Accuses of leaving out major crypto exchanges.
  • SEC terms regulating the crypto industry has become hard.

The long-time major villain for the crypto industry, and the congressman Brad Sherman, thrashes the United States Securities and Exchange Commission (SEC) over various aspects. Brad Sherman is best known for calling out and proposing a complete ban on crypto currencies since early ages. 

Currently, Brad Sherman questions the SEC on the aspects of leaving out crypto exchanges upon security notions. And so, Brad Sherman states that the SEC’s enforcement director, Gurbir Grewal should come up with some serious actions with security cases upon the crypto industry, especially the crypto exchanges operating in the U.S

Brad Sherman’s Accusations

Moreover, Brad Sherman emphasizes that the SEC has been only after the XRP on security aspects, whereas they have left out the crypto exchanges which have done tens of thousands of transactions with XRP. Also, Sherman promptly asks why the SEC has done so. 

In addition, Sherman adds that the crypto exchanges that have carried out tens and thousands of transactions with XRP cannot be left as such without any action upon them, with just taking into account the mere apologies put forth by them. 

In response to Sherman, Grewal states that they indeed have taken action upon crypto exchanges, and shows up the case on Poloniex. However, Sherman blasts out that catching out a small fish is completely unacceptable whereas there are major big fishes which have carried out more than thousands of transactions with XRP. 

On such accounts, Sherman points out why no such actions or cases have been taken upon major big fishes like Binance, Coinbase, Kraken, and much more. Amidst all this, recently upon the fiscal year 2023 budget, both Gensler and Grewal have stated that currently regulating and controlling the crypto industry has indeed become extremely tough.

Moreover, they have given out a written statement stating that the crypto market has become increasingly complex, sophisticated, and harder to confirm the misconducts done.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.