The judge in the SEC v. Ripple case, Analisa Torres, shares the same last name as Representative Ritchie Torres, who referred to the XRP court judgement as the “Torres Doctrine.”
Ritchie Torres, a representative from New York, has boldly urged Gary Gensler, the chair of the SEC, to reconsider the organization’s strategy for regulating cryptocurrencies. Following a recent court decision in the SEC’s lawsuit against Ripple, which stated that the XRP coin shouldn’t be categorized as a security, Torres entered his plea.
Torres voiced worries about the SEC’s unclear messaging in a letter to Gensler, urging the regulator to concentrate enforcement actions on actual criminal actors rather than classifying the majority of crypto assets as securities.
Related: XRP Trading Volume Surpasses BTC's Following Partial Victory in SEC Suit
Demanding Clarity and Consistency in Crypto Regulation
Under Gensler’s direction, Torres lambasted the SEC for providing unclear instructions and failing to publish any rules that expressly addressed crypto assets. He stressed the requirement that the SEC offer a clearer regulatory framework that takes into account the special features of cryptocurrencies. The SEC can avoid sending inconsistent signals and running afoul of other regulatory agencies like the Commodity Futures Trading Commission (CFTC) by doing this.
Crypto regulation by enforcement had a dreadful day in court.
— Rep. Ritchie Torres (@RepRitchie) July 18, 2023
In light of the SDNY’s landmark decision in the Ripple case, @SECGov must reassess its reckless regulatory assault on the crypto industry.
My letter to Chair Gensler: pic.twitter.com/Mrk63N4KhH
Since Judge Analisa Torres, who presided over the SEC v. Ripple case, shares the same last name, Rep. Torres referred to the court’s decision as the “Torres Doctrine.” This citation emphasizes the importance of the ruling and its potential bearing on the SEC’s prosecution of Coinbase, which is also charged with providing unregistered securities. According to Torres, the SEC’s litigation campaign against the cryptocurrency business needs to be reassessed in light of the court’s decision.
Although Gensler expressed dismay about the possible effects for regular investors, the SEC’s response is yet unclear. The commission is actively thinking about what to do next and what it might do in reaction to the court’s ruling.
Rep. Torres’ request for a reevaluation of the SEC’s strategy highlights the significance of achieving a balance between investor safety and supporting innovation in the quickly developing digital asset area as the crypto industry looks for clarity and consistency in regulatory affairs.