Ritchie Torres Urges SEC to Target Wrongdoers in Crypto
Representative Ritchie Torres has written a letter to Gary Gensler, the chairman of the SEC, criticizing the agency for targeting legitimate crypto businesses instead of pursuing wrongdoers. He applauded Judge Analisa Torres’ ruling on the Ripple vs. SEC case, which stated that XRP cannot be considered a security. Torres commended the ruling as a landmark legal opinion that rejected the SEC’s regulatory overreach. While legal experts believe the battle is not over yet, Torres believes the ruling has laid a foundation for clear-cut crypto rules. He urges the SEC to focus on hunting down bad actors instead of making life difficult for legitimate businesses in the crypto industry.
Key Points:
- Ritchie Torres criticizes SEC for targeting legitimate crypto businesses
- Judge Analisa Torres ruled that XRP is not a security
- Torres commends the ruling as a landmark legal opinion
- Legal experts believe the battle between Ripple and the SEC is not over
- Torres urges the SEC to focus on pursuing wrongdoers in crypto
Hot Take:
Representative Ritchie Torres’ letter to the SEC highlights the need for the agency to prioritize going after those who commit crimes in the crypto industry instead of burdening legitimate businesses. The recent ruling on the Ripple vs. SEC case has provided some clarity on the regulatory landscape, and Torres sees it as an opportunity to establish clear crypto rules. By shifting its focus to targeting wrongdoers, the SEC can foster a safer and more trustworthy environment for crypto investors and businesses.
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