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New York Representative Calls on SEC to Reconsider Crypto Regulation: Ripple Court Ruling Sparks Debate

New York Representative Ritchie Torres Calls on SEC to Reconsider Crypto Regulation

Key Points:

  • Representative Ritchie Torres has written a letter to SEC Chair Gary Gensler, urging the regulator to reconsider its position on crypto regulation.
  • Torres suggests that the SEC should focus on targeting “bonafide bad actors” instead of treating most crypto assets as securities.
  • The letter comes in response to a court ruling in the SEC’s case against Ripple, which indicated that XRP was not a security.
  • Torres believes that the SEC’s regulatory approach has been inconsistent and lacking clear guidance.
  • He also points out that the SEC’s case against Coinbase could be at risk following the Ripple court ruling.
  • Torres humorously refers to the court ruling as the “Torres Doctrine” due to his shared surname with Judge Analisa Torres.
  • It is unclear how the SEC will respond to the court ruling, but Chair Gensler has expressed disappointment and is considering potential actions.

Hot Take:

Representative Ritchie Torres is making a bold move by calling out the SEC’s regulatory assault on the crypto industry. With the Ripple court ruling casting doubt on the SEC’s approach, Torres is urging the regulator to reassess its strategy and focus on targeting actual bad actors. His witty reference to the court ruling as the “Torres Doctrine” adds a touch of humor to the serious issue at hand. It remains to be seen how the SEC will respond, but it’s clear that the crypto industry is demanding more clarity and consistency in regulation.

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