New York Representative Ritchie Torres, a Democrat, has taken a bold stance. He has criticized the United States Securities and Exchange Commission (SEC) and its approach toward crypto regulation.
The move follows what Torres termed a “dreadful day in court” for the SEC, hinting at an ongoing legal battle with Ripple.
Congressman Torres Speaks Out Against the SEC
Rep. Torres penned a letter to SEC Chair Gary Gensler on July 18. He urged Gensler to reconsider the regulatory body’s position on crypto.
Furthermore, the Congressman expressed concern over the SEC’s focus on “bonafide bad actors” rather than “indiscriminately” treating the majority of crypto assets as securities.
“The SEC has chosen to communicate and regulate not by clear rule or guidance but by enforcement actions, often politically timed. The endless stream of contradiction and contusion, as well as the arbitrariness of the entorcement actions themselves, is the opposite of fair notice,” said Rep. Torres.
The move comes after Judge Analisa Torres (no relation) suggested that Ripple’s XRP should not be considered a security. Consequently, this puts the SEC’s case against Coinbase on shaky ground.
Rep. Torres said the recent court decision in the SEC vs. Ripple case “resoundingly rejected the regulatory overreach of the SEC.”
Read more: Full List of Cryptos Named Securities in SEC Lawsuits
A key part of the the ruiling is that cryptos are not securities in themselves. Instead, they qualify as securities under the Howey Test only when sold as part of investment contracts.
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Author: Bary Rahma
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