Congressman Ritchie Torres has requested the US Securities and Exchange Commission (SEC) to conduct two separate independent investigations regarding the handling of digital assets.
In two public letters, Representative Torres expressed his concern over the SEC’s approach, describing it as “arbitrary and heavy-handed”.
The first investigation request centers around the SEC’s decision to grant a special-purpose broker-dealer (SPBD) license to Prometheum, a digital asset trading platform that does not engage in actual digital asset trading.
Representative Torres raised concerns about the SEC’s decision to license a platform it considers deceptive, highlighting the unusual circumstances.
In the second letter, he criticized the SEC for failing to establish an effective and practical registration process for real-world digital asset platforms.
Representative Torres voiced his disappointment with the SEC’s perceived lack of progress in establishing a clear and effective registration pathway for real-world digital asset platforms.
Torres Accuses Gensler of Politicizing Crypto Registration:
The letters were sent to Deborah Jeffrey, the SEC’s Inspector General, and Gene Dodaro, the Inspector General of the Government Accountability Office. Representative Torres requested independent investigations into the SEC’s actions and decision-making processes.
Representative Torres compared the SEC to an “overzealous traffic cop” who hands out speeding tickets arbitrarily and leaves people guessing the actual speed limit.
He criticized the SEC for relying on “regulation through sanctions” and emphasized the necessity for a more efficient and transparent regulatory approach.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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