SEC has not issued a single rule on crypto assets, nor any clear guidance, says US lawmaker
Ritchie Torres has called the American securities regulatory body to take action against crypto bad actors, not against crypto assets nature.
The United States Securities Exchange Commission (SEC) is the top American financial regulator. This US govt regulatory body is trying to forcefully regulate the crypto sector under traditional securities laws. Recently the SEC agency lost a case in court over the nature of the XRP crypto token. Following the latest court ruling in the XRP lawsuit, some crypto proponents & US senators spoke against the SEC agency’s enforced Crypto regulatory approach.
On 18 July 2023, New York Rep. Ritchie Torres penned an open letter to the SEC agency to address the SEC’s bad crypto regulatory approach.
According to Ritchie, the SEC body should not take strict actions on behalf of the nature of the crypto assets, instead, it should limit its job to catch the bad actors mainly.
Furthermore, the New York representative also said that the SEC agency never published any kind of rule on cryptocurrencies or any kind of guidance for the crypto companies.
Ritchie also talked about the Coinbase exchange and echoed Coinbase-friendly opinions passed by the experts in the Coinbase vs SEC lawsuit.
Furthermore, the US government official also noted that the American financial regulator tried to regulate the crypto sector via enforcement actions, instead via clear rules.
He also alleged that the SEC tried to impose strict actions against the crypto sector politically.
Earlier this US senator Cynthia Lummis from Wyoming talked about the Ripple vs SEC court ruling and said that the court ruling showed how the US SEC body is trying to regulate the crypto industry. Further, she suggested approving the crypto regulation framework prepared by her & other officials.
Read also: Chinese police uncovers online crypto gambling network with $56B turnover
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