Democratic House of Representatives member Ritchie Torres criticized the U.S. Securities and Exchange Commission (SEC) and advocated for new laws on July 28.
Torres told Unchained podcast host Laura Shin:
“The modus operandi of the SEC under [Chair] Gary Gensler has been regulation by enforcement … he has taken what I consider to be arbitrary and capricious actions against crypto innovators.”
Torres added that, rather than focusing on bad actors in the crypto space, Gary Gensler’s SEC has “declared war on the whole industry.”
Torres made these statements while voicing his support for a recently advanced market structure bill, the Financial Innovation and Technology (FIT) for the 21st Century Act.
As explained by Torres, that act would define which crypto assets are under the purview of the SEC, which would have jurisdiction over an asset until it is demonstrated the asset is sufficiently decentralized. The crypto asset would then be considered a commodity and enter the juri
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