New York Democrat Ritchie Torres has escalated his criticism of the U.S. Securities and Exchange Commission (SEC) for failing to issue “any clear guidance” to the crypto industry after the agency lost its legal battle to Ripple Labs on multiple fronts.

“Regulation by enforcement had a dreadful day in court,” Torres wrote in an open letter to SEC Chairman Gary Gensler on Tuesday. His framing echoes a longtime criticism of the SEC’s approach to crypto from both industry leaders and fellow congress members.

Last week, the judge overseeing SEC v. Ripple Labs issued a summary judgment ruling that the firm’s cryptocurrency, XRP, is not a security, nor are sales of the token on secondary markets like crypto exchanges.

Torres said Judge Annalisa Torres’ reasoning reflected a “rigorous application” of the Howey Test, a legal standard for identifying securities which, in his view, the SEC has applied “sloppily.”

“Judge Torres has made it crystal clear to the SEC that digital assets are not securities in the abstract and that it lacks the legal authority to regulate digital assets untethe

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Author: Andrew Throuvalas

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