U.S. Rep. Brad Sherman Debunks FOX Report, Says He Never Discussed SEC’s Victory Against Ripple (XRP) With Gary Gensler

California Rep. Brad Sherman has debunked FOX Business Network’s (FBN) report about his comment on Ripple (XRP). 

The congressman noted in a recent tweet that FOX Business Network’s journalist Charles Gasparino misunderstood his XRP comments. 

According to Rep. Sherman, he has always been in contact with SEC’s Chair, Gary Gensler, and they sometimes speak about crypto assets. 

However, their discussion has never been about Ripple or its cryptocurrency, XRP. 

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

He noted that the only time he spoke about XRP with an official of the Securities and Exchange Commission was during the testimony of SEC’s Enforcement director Gurbir Grewal. 

.@FoxBusiness has it somewhat wrong. I often speak to SEC Chair Gary Gensler, sometimes about Crypto, but never regarding XRP. Only conversation I’ve had with an SEC official regarding XRP is testimony of Director Gurbir Grewal (1/2) https://t.co/a83jf53m3v

— Congressman Brad Sherman (@BradSherman) July 20, 2022

FOX Report

It can be recalled that FBN’s Gasparino reported that Rep. Sherman expressed confidence that the Securities and Exchange Commission will win the lawsuit against Ripple. 

According to the FBN report, Rep. Sherman called on the Securities and Exchange Commission to expand the lawsuit to include cryptocurrency exchanges that facilitated the trading of XRP across their various platforms. 

Rep. Sherman’s comment sparked reactions from Ripple enthusiasts, who wanted to know why the congressman was confident that the agency would be victorious over the blockchain company in the lawsuit. 

Eleanor Terrett, a FOX journalist, explained further why Rep. Sherman believes the SEC would win the lawsuit against Ripple. 

Per Terrett, the congressman claimed XRP is a security. His conclusion stems from the fact that U.S.-based cryptocurrency exchanges started delisting the asset class from their respective trading platforms moments after Ripple was charged. 

This move, according to Sherman, indicates that the cryptocurrency exchanges also agree with the Securities and Exchange Commission that XRP is a security. 

Ripple enthusiasts like attorney Jeremy Hogan and attorney John Deaton took to Twitter to slam the congressman for saying the SEC would be victorious against Ripple in the lawsuit.

Meanwhile, earlier this week, Ripple’s CEO Brad Garlinghouse knocked Sherman for urging the SEC to clamp down on exchanges that facilitated XRP trading. 

Garlinghouse noted that the congressman has chosen to ignore his legal background by advancing a “political agenda over sound policy.”

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