US lawmakers urge the SEC to start going after exchanges that traded XRP and Congressman Brad Sherman said that the regulator still deems the asset a security so let’s have a closer look at our latest ripple XRP news.

US Congress Brad Sherman urged the US SEC to go after exchanges that traded XRP and said:

 “It’s easier to go after the small fish than the big fish, but the big fish operating major exchanges did many, many tens of thousands of transactions with xrp.”

Congressman Brad Sherman who is the chairman of the House Financial Services Subcommittee on investor protection held a hearing and examined the efforts by the US SEC to address the emerging risks and protect the investors. In the hearing, Sherman who is a senior member of the Foreign Affairs Committee questioned the SEC director of Enforcement Gurbir Grewal about TEther and XRP. Grewal added:

“You’ve gone after XRP because XRP is a security. But you haven’t gone after all the major crypto exchanges that processed tens of thousands, if not far more, [XRP] transactions.”

The US lawmakers urge the SEC to start going after these exchanges because if XRP is security these exchanges could be possibly violating the law. He continued:

“And, is it enough that the crypto exchanges have said, ‘well having committed tens of thousands of violations in the past, we promise not to do anymore in the future.’ Is that enough to get you off the hook for enforcement?”

The SEC director replied:

“I can’t talk about what matter we are looking at and not looking at. We have brought exchange cases, we brought one last year against Poloniex.”

It’s quite easy to go after the smaller fish than the bigger ones but the big fish operating exchanges did tens of thousands of transitions with XRP. He added:

 “You know it’s a security. That means they were illegally operating a security exchange. They know it’s illegal because they stopped doing it, even though it was profitable. So if they know it’s illegal and you know it’s illegal and I know it’s illegal, I hope you focus on that.”

Sherman said that when Tether emerged as a money market mutual fund in each way, he noted that it actually broke the buck. Grewal replied to the comment:

 “It would be inappropriate for me to comment on who we are going after and not going after. But I understand your concerns and we’ve added resources to our crypto asset unit to look at issues that put investors at risk, including the issues you’ve raised in your question.”