{"id":124174,"date":"2023-07-18T19:00:38","date_gmt":"2023-07-18T19:00:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/us-lawmaker-calls-on-sec-chair-to-reassess-stance-on-crypto-following-ripple-ruling-crypto-news\/"},"modified":"2023-07-18T19:00:41","modified_gmt":"2023-07-18T19:00:41","slug":"us-lawmaker-calls-on-sec-chair-to-reassess-stance-on-crypto-following-ripple-ruling-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-lawmaker-calls-on-sec-chair-to-reassess-stance-on-crypto-following-ripple-ruling-crypto-news\/","title":{"rendered":"US lawmaker calls on SEC chair to reassess stance on crypto following Ripple ruling\n – Crypto News"},"content":{"rendered":"
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New York Rep. Ritchie Torres has called on United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s position on crypto following a “dreadful day in court.”<\/p>\n

In a July 18 letter to Gensler, Torres requested<\/a> the SEC limits its enforcement cases to \u201cbonafide bad actors\u201d rather than \u201cindiscriminately\u201d treating the majority of crypto assets as securities under its purview. The lawmaker’s letter followed a court ruling in the SEC’s case against blockchain firm Ripple that suggested that the XRP (XRP<\/a>token was largely not a security.<\/p>\n

“Under Chair Gensler, the SEC has not issued a single rule on crypto assets, nor has it given any clear guidance,” said Torres. “All it has done is sent mixed messages, one after the [other]not only contradicting the CFTC but often contradicting itself.”<\/p>\n

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Crypto regulation by enforcement had a dreadful day in court. <\/p>\n

In light of the SDNY’s landmark decision in the Ripple case, @SECGov<\/a> must reassess its reckless regulatory assault on the crypto industry. <\/p>\n

My letter to Chair Gensler: pic.twitter.com\/Mrk63N4KhH<\/a><\/p>\n

Rep. Ritchie Torres (@RepRitchie) July 18, 2023<\/a><\/p><\/blockquote>\n

Torres echoed other experts in suggesting a quick appeal<\/a> to the court decision was unlikely, and with a new legal foundation, the SEC’s case against Coinbase could also be at risk. The commission filed a lawsuit<\/a> against the exchange in June for allegedly offering unregistered securities. <\/p>\n

,[The SEC] must reassess its reckless regulatory assault on the crypto industry.\u201d<\/p><\/blockquote>\n

Related: <\/em><\/strong>Ripple court ruling makes call for regulation ‘more compelling and more urgent’ \u2014 former CFTC chair<\/em><\/strong><\/a><\/p>\n

The US lawmaker coincidentally shares a surname with the judge in the SEC v. Ripple case, Judge Analisa Torres. He referred to the XRP court ruling as the “Torres Doctrine” \u2014 likely referring<\/a> to the judge and not himself, as he “never met a Torres who was wrong on crypto.” Rep. Torres is a member of the Congressional Blockchain Caucus.<\/p>\n

It’s unclear how the SEC intends to respond to the court’s ruling. Gensler said on July 17<\/a> that he was “disappointed” in the impact the judge’s decision could have on retail investors, and the commission was still considering what, if any, actions it might take.<\/p>\n

Magazine: <\/em><\/strong>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/a><\/p>\n