Ritchie Torres Criticizes SEC’s Position on Crypto
New York Representative Ritchie Torres has criticized the US Securities and Exchange Commission (SEC) and its Chairman Gary Gensler for their position on crypto regulation. Torres urged the SEC to reassess its regulatory assault on the crypto industry after a court ruling in the SEC’s case against Ripple Labs.
Key Points:
– Torres believes the SEC should only focus on enforcement cases involving “bonafide bad actors” instead of indiscriminately treating most crypto assets as securities.
– The SEC’s case against Ripple claimed that the sale of its $XRP token was an offer of securities, leading to exchanges delisting the token.
– However, a judge ruled that the $XRP token is not necessarily a security on its face.
– Torres called on the SEC to reconsider its approach to crypto assets in light of the court’s decision and concentrate on bad actors who commit fraud and market manipulation.
– Torres also criticized the SEC for failing to provide clear guidance to the crypto industry and for sending mixed messages.
Hot Take:
Representative Ritchie Torres is the latest US lawmaker to voice concerns about the SEC’s approach to crypto regulation. His criticism highlights the need for the SEC to reassess its enforcement cases and provide clearer guidance to the industry. The court ruling in the SEC’s case against Ripple could have broader implications for the agency’s future cases. The SEC should focus on targeting bad actors rather than applying a one-size-fits-all approach to crypto assets.
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