US Congressman Urges SEC Chair to Stop Crypto Crackdown

온라인 슬롯 사이트

SEC Chair Gary Gensler has been heavily criticized for his crusade against the crypto industry.

SEC Crypto Crackdown

The US Securities and Exchange Commission (SEC) has taken strict measures against the crypto industry, suing major players like Coinbase and Binance and claiming that certain crypto assets are securities. This has sparked backlash from the crypto community. Congressman Ritchie Torres has written a letter to SEC Chair Gary Gensler, urging the commission to halt its assault on crypto.

JUST IN: 🇺🇸 US Congressman Ritchie Torres asks SEC Chair Gary Gensler to stop its assault on , says cryptocurrencies are not securities.

— Watcher.Guru (@WatcherGuru)

Inquiry about Regulatory Assault on Crypto

Congressman Torres whether the SEC plans to reconsider its regulatory assault on crypto, particularly in light of the recent Ripple lawsuit outcome. He mentions that the SEC’s application of the Howey Test was flawed and suggests that the ruling signals a return to rigorous enforcement.

SCOOP: N.Y Congressman Torres Wants The SEC Investigated Over Controversial Crypto License: by

— Forbes Crypto (@ForbesCrypto)

Verdict’s Impact on Crypto Assets

The letter highlights that the judge ruled that while crypto assets may not be considered securities on their own, they can be included in investment contracts that are classified as securities. It also points out the judge’s criticism of the SEC for not providing fair notice to the industry. This uncertainty adds to the regulatory confusion surrounding crypto in the US.

Rep. Torres’ Call for Reconsideration

Congressman Torres, who previously criticized the SEC as an “overzealous traffic cop,” writes his second letter to the regulator, this time focusing on Ripple’s recent summary judgment win. He questions whether the SEC will reflect on the failure of its crusade against crypto assets in light of Judge Analisa Torres’ decision.

Partial Summary Judgment on Ripple

The judge ruled that programmatic sales of XRP by Ripple do not constitute securities sales, although Ripple’s institutional sales were deemed securities. This ruling undermines Ripple’s charges and challenges the SEC’s approach under Gensler. Industry experts note that this is just the first step, with likely appeals and other unresolved issues.

Critique of the Howey Test

Rep. Torres agrees with the judge’s ruling and criticizes the SEC’s use of the Howey test, which determines whether an asset is a security. He calls it “sloppy” and urges the SEC to reconsider its application. The summary judgment emphasizes that the test places too much emphasis on proving the presence of an investment contract.

The Torres Doctrine

Rep. Torres coins the term “The Torres Doctrine” and explains that it clarifies that crypto assets are not securities by themselves but can be sold as part of investment contracts, which do qualify as securities under the Howey Test.

Call for Reconsideration

In his letter, Rep. Torres asks the SEC, and the SEC Chair in particular, to reevaluate its current approach and prioritize providing clarity and fair notice to the industry. He expresses his anticipation to see how the SEC will reassess its regulatory stance on crypto assets in light of the Torres Doctrine.

Conclusion

Congressman Torres urges the SEC to halt its assault on crypto and consider the implications of recent court rulings. He calls for a more thoughtful approach to crypto regulation, ensuring fairness and clarity in the industry.