US Politician Asks SEC Chair To Reconsider Position On Cryptocurrencies In Light of Ripple Judgment

The judge in the SEC v. Ripple case, Analisa Torres, bears the same last name as Representative Ritchie Torres, who referred to the XRP court judgment as the Torres Doctrine.

Source: www.crypto-news-flash.com

New York after a horrible day in the courtroom, Rep. Ritchie Torres has encouraged Gary Gensler, head of the Securities and Exchange Commission (SEC), to reconsider the regulator's stance on cryptocurrencies. Torres recommended the SEC confine its enforcement proceedings to bonafide bad actors rather than indiscriminately classifying the bulk of crypto assets as securities subject to its jurisdiction in a letter dated July 18 to Gensler. A court decision in the SEC's action against blockchain company Ripple revealed that the XRP cryptocurrency was mostly not a security, prompting the lawmaker's letter.

Torres claims that in accordance with Chair Gensler, the SEC hasn't published a single legislation on crypto assets, nor has it given any specific guidance. All it has done is repeatedly contradict its own and the CFTC while sending conflicting signals one after another. Torres concurred with other experts in arguing that a speedy appeal of the court's ruling was improbable, and that the SEC's case against Coinbase may also be in jeopardy given the new legal basis. In June, the exchange was sued by the commission for allegedly selling unregistered securities.

Former CFTC Chair: Ripple Court Decision Makes The Need For Regulation More Compelling And More Urgent

Coincidentally, the American politician has a last name in common with Judge Analisa Torres, who presided over the SEC v. Ripple case. He referred to the XRP court decision as the Torres Doctrine — perhaps referring to the judge rather than himself because he never met a Torres who was incorrect on crypto. By the way, to mention that the Congressional Blockchain Caucus includes Rep. Torres.

How the SEC will react to the court decision is unknown. Gensler stated on July 17 that he was disappointed with the potential effects of the judge's ruling on individual investors, and that the board was still deciding whether to take any further action.

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