was formally established as a nonsecurity asset, Sherman branded the court's decision as"ridiculous."
Sherman, known for his pro-SEC stance, was critical of the judge's ruling, contending that XRP is always a security, contrary to the court's interpretation that it can sometimes be a security and sometimes not. His viewpoint counters the court's nuanced understanding of XRP's multifaceted nature, as both a cryptocurrency and a technology for fast, low-cost international money transfers.as solely a security asset sparked intense backlash from the cryptocurrency community.
The congressman also made a contentious comparison between Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and Charles Ponzi, the infamous fraudster known for the Ponzi scheme. This comparison has been seen as a further reflection of Sherman's skeptical view toward cryptocurrencies.
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