On July 13, the US court ruled in favor of Ripple (XRP) in the SEC case. Following this, Congressman Richie Torres is demanding that two investigations be opened for the SEC.
Richie Torres takes action against SEC after Ripple (XRP) decision
Congressman Ritchie Torres has been harshly critical of the SEC, demanding that two independent investigations be launched for its “arbitrary and harsh approach to cryptocurrencies.” Torres also wants the SEC investigated for licensing a company called Prometheum. The congressman noted that the SEC needs to establish a process that can be applied in the real world. He implied that the SEC was incompetent on crypto regulations.
“The decision to license a deceptive exchange reflects President Gary Gensler’s recent attempt to politicize the SEC registration process,” Torres wrote in the letter. He further stressed that “When it comes to trading platforms operating in the real world, the SEC’s registration process is still problematic.”
Congressman Torres sent a letter to Deborah Jeffrey, the SEC’s Inspector General, and a letter to General Gene Dodaro, Chief Financial Officer of the Government Accountability Bureau. Here, he described the SEC as “an overzealous traffic officer who issues a speeding ticket.” It also added that it “forces it to “forever guess speed limits” and that “there is no other way to regulate it other than to enforce regulations through sanctions”.
What the final decision means for the crypto market
On July 13, the SEC and Ripple case finally reached a verdict. The judge stated that XRP is not a security. According to data from CoinMarketCap, XRP hit double digits in the last hour of writing.
So, is XRP a security? Ever since the SEC filed a lawsuit against Ripple in 2020, the answer to this question has been sleepless nights in the crypto community. However, as of July 13, 2023, it can be said that XRP is not actually a security. Crypto reporter db published a new report on this topic:
The resolution states that the sale of XRP constitutes the offering and sale of unregistered investment contracts in violation of Section 5 of the Securities Act. The decision also addresses:
For the reasons stated above, the CMB’s summary decision request regarding Corporate Sales is ACCEPTED, otherwise it is REJECTED. Defendants’ request for summary judgment was ACCEPTED in respect of Programmatic Sales, Other Distributions, and sales of Larsen and Garlinghouse, and REJECTED in respect of Corporate Sales.
past events
In 2020, the SEC sued Ripple and its CEOs for the sale of an unregistered security, XRP. The SEC also claimed that the sale of XRP was an IPO of unregistered securities. But Brad Garlinhouse shared his displeasure. He took to Twitter to share his thoughts on the allegations made by the SEC.
cryptocoin.com As we have reported, many experts were waiting for the decision to come out in September until 13 July.
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