Torres request to pull up crypto repression Strict action has been taken by the US regulator of securities and exchanges (SEC) against the digital currency market. Two of the biggest cryptocurrency players, including Coinbase and Binance, had been sued by the SEC. The commission further asserted that a large number of the crypto assets were securities. The crypto community has strongly criticized the SEC and Gary Gensler’s conduct. However, in one of his most recent letters to the commission, US Congressman Ritchie Torres requests that SEC Chair Gary Gensler end the commission’s attack on cryptocurrencies. In his letter, Congressman Torres asked the SEC whether it intended to review its regulatory crackdown on cryptocurrencies.
In his letter, Congressman Torres asked the SEC whether it intended to review its regulatory crackdown on cryptocurrencies. The SEC filed a lawsuit against Ripple, but it was dismissed by the judge after it was determined that Ripple is not financially secure. The Bronx congressman claimed in his letter that the Howey Test was haphazardly administered by the SEC and that the decision shows a return to strict application. Congressman Torres stated to Gensler after a federal judge declared that some transactions involving digital assets fell outside the agency’s purview of regulation, noting that the decision showed that “crypto inventory, while not regarded as shares on their own, can be a component of investments that are categorized as securities.”
In a pair of letters he made publicly on Thursday, Congressman Ritchie Torres requested two independent investigations into the United States Security Exchange Commission’s (SEC) regarding its “haphazard and overbearing approach to digital assets. “Rep. Torres (D-NY) asked for investigations into the SEC’s unusual authorization of Promethium as a SPBD, “an investing virtual asset platform that does not trade electronic assets,” as well as its failure to establish a strict but practical procedure over having registered real-world digital assets platforms.
