Following the legal victory by the digital payment network, Ripple, Representative Ritchie Torres has written a letter to the US Securities and Exchange Commission (SEC) urging them to reconsider their approach to regulating cryptocurrencies.
The letter, addressed to SEC Chair Gary Gensler, highlights the recent decision by Judge Analisa Torres of the Southern District of New York in the Ripple case, which rejected the SEC’s argument that programmatic sales of XRP constitute securities sales.
Ripple’s Legal Win Sparks New Battle Between Congress And SEC
Rep. Torres argues that the SEC’s “crusade against crypto assets” has been discriminatory and lacks legal basis. He praises Judge Torres’ ruling, which emphasizes the need to prove the presence of an “investment contract” and represents a return to a rigorous application of the Howey Test. Torres added:
In a landmark legal opinion, Judge Torres resoundingly rejected the regulatory overreach of the SEC, which has been d
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