US lawmaker calls on SEC chair to reassess stance on crypto following Ripple ruling

New York Rep. Ritchie Torres has called connected United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s presumption connected crypto pursuing a “dreadful time successful court."

In a July 18 missive to Gensler, Torres requested the SEC bounds its enforcement cases to “bonafide atrocious actors” alternatively than “indiscriminately” treating the bulk of crypto assets arsenic securities nether its purview. The lawmaker’s missive followed a tribunal ruling successful the SEC’s lawsuit against blockchain steadfast Ripple that suggested that the XRP (XRP) token was mostly not a security.

“Under Chair Gensler, the SEC has not issued a azygous regularisation connected crypto assets, nor has it fixed immoderate wide guidance," said Torres. "All it has done is sent mixed messages, 1 aft the [other], not lone contradicting the CFTC but often contradicting itself.”

— Rep. Ritchie Torres (@RepRitchie) July 18, 2023

Torres echoed different experts successful suggesting a speedy appeal to the tribunal determination was unlikely, and with a caller ineligible foundation, the SEC’s lawsuit against Coinbase could besides beryllium astatine risk. The committee filed a lawsuit against the speech successful June for allegedly offering unregistered securities.

“[The SEC] indispensable reassess its reckless regulatory battle connected the crypto industry.”

Related: Ripple tribunal ruling makes telephone for regularisation ‘more compelling and much urgent’ — erstwhile CFTC chair

The U.S. lawmaker coincidentally shares a surname with the justice successful the SEC v. Ripple case, Judge Analisa Torres. He referred to the XRP tribunal ruling arsenic the “Torres Doctrine" — apt referring to the justice and not himself, arsenic helium “never met a Torres who was incorrect connected crypto.” Rep. Torres is simply a subordinate of the Congressional Blockchain Caucus.

It’s unclear however the SEC intends to respond to the tribunal ruling. Gensler said connected July 17 that helium was “disappointed” successful the interaction the judge’s determination could person connected retail investors, and the committee was inactive considering what, if any, actions it mightiness take.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler person the last say?