US Congressman Torres Urges SEC Chair to Halt Crypto Crackdown

Following ceaseless petitions and growing concerns within the crypto community, U.S Congressman Ritchie Torres has urged the SEC chair to stop the assault and crypto crackdown in his recent letter addressed to the commission. The New York representative’s call to action highlights the intensifying debate surrounding the SEC\'s regulatory approach to the digital asset space.

New York Rep. Ritchie Torres has called on United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s position. Congressman Ritchie Torres has inquired in his letter as to whether the SEC plans on reassessing its regulatory assault on crypto after a recent legal challenge. The letter comes after the SEC lost the lawsuit, potentially signaling a shift in the legal landscape.

Congressman Ritchie Torres has asked the US Securities and Exchange Commission to provide clear rules for crypto instead of “indiscriminately” treating the majority of digital assets as securities. In letters shared on Twitter on June 13, Rep. Torres expressed dissatisfaction with the SEC’s “haphazard and heavy-handed approach” to regulating the crypto industry. He believes the lack of clear guidance stifles innovation and hinders the growth of the burgeoning crypto blockchain education sector. The SEC faced another barrage of criticism from US Congressman Ritchie Torres, who urged chair Gary Gensler to end his ”crusade” against the cryptocurrency industry.

New York Democrat Ritchie Torres has escalated his criticism of the U.S. Securities and Exchange Commission (SEC) for failing to issue “any clear guidance” to the industry. Representative Ritchie Torres (D-N.Y.) wants to know if the Securities and Exchange Commission “will reassess its regulatory assault” on cryptocurrencies after a legal setback, prompting further discussion on the future of crypto regulation in the United States.