US Congressman Brad Sherman expects Ripple to lose the legal battle against the SEC. This is because Sherman expects the XRP token to be an effect (security).
Ripple doesn’t stand a chance
In an interview, Congressman Brad Sherman told FOX Enterprise that he believes the US Securities and Exchange (SEC) will win the lawsuit against Ripple. Sherman believes that XRP is an effect. According to the congressman, the crypto company does not stand a chance against the SEC.
In the lawsuit against Ripple, the SEC claims that the XRP token is an unregistered security. The SEC accuses the company and two Ripple executives of illegally raising $1.3 billion.
That he would think about the matter in this way is not entirely unexpected. Sherman is a well-known opponent of cryptocurrencies. He previously pushed for a complete ban on cryptocurrencies.
