News Explorer — Congressman Torres Tells SEC Chairman to End Crypto ‘Crusade’ After Ripple Ruling

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Congressman Torres Tells SEC Chairman to End Crypto ‘Crusade’ After Ripple Ruling

New York Democrat Ritchie Torres has criticized the SEC for its lack of clear guidance to the crypto industry after losing its legal battle against Ripple Labs. Torres wrote an open letter to SEC Chairman Gary Gensler, stating that the agency’s regulation by enforcement approach had a bad day in court. He highlighted that the judge’s ruling in the SEC v. Ripple Labs case reflected a strict application of the Howey Test, which the SEC has applied poorly according to Torres.

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