US representative Ritchie Torres urged the SEC to refocus its crypto efforts.
US Representative Ritchie Torres urged the SEC to refocus its crypto efforts while taking part in the Congressional Blockchain Group. After a judge made a split decision in an ongoing dispute with Ripple Labs last week, Torres has called on the SEC to reintroduce the fight against malicious actors in the cryptocurrency industry.
Call to SEC by US Representative Ritchie Torres
US representative Ritchie Torres urged the SEC to refocus on crypto efforts. The representative reinstated the SEC for crypto efforts while taking part in the Congressional Blockchain Group.
In a letter to SEC Chairman Gary Gensler on Tuesday, Torres said he looks forward to how the SEC plans to “reassess its regulatory attack on crypto assets” following the decision. Torres is a member of the House Financial Services Committee tasked with overseeing the SEC.
Torres said in his letter:
“I hope the SEC finds itself so penalized by the court’s decision that it concentrates the Commission’s energies on malicious actors who commit serious violations such as fraud, market manipulation and embezzlement of client funds.”
Crypto industry advocates were elated after a New York judge ruled last week that XRP is not a security in “blind bid” sales on the secondary market. However, Judge Analisa Torres stated that the token was a security when sold to institutional investors and took the SEC’s side in this case.
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