• Congressman Ritchie Torres (D-N.Y.) has called for two separate investigations into the U.S. Securities and Exchange Commission (SEC) for its “haphazard and heavy-handed approach to digital assets”.
• The investigations are requested for the SEC granting a special purpose broker-dealer (SPBD) licence to Prometheum, a trading digital assets platform that does not trade digital assets, and for its failure to create a workable process for registering real-world digital assets platforms.
• Rep. Torres addressed one letter to the SEC’s Inspector General Deborah Jeffrey and another to the Government Accountability Office’s Comptroller General Gene Dodaro.
Congressman Calls For Investigation Into SEC Over Its Approach To Crypto
Rep. Ritchie Torres (D-N.Y.) has called for two separate independent investigations of the U.S. Securities and Exchange Commission (SEC) over its haphazard and heavy-handed approach to digital assets, according to two letters made public on Thursday by Rep. Torres himself .
Inspector General & GAO Comptroller Called Upon
The Congressman addressed one letter to the SEC’s Inspector General Deborah Jeffrey and another to the Government Accountability Office’s Comptroller General Gene Dodaro, requesting an investigation into certain matters related to the SEC’s approach towards crypto regulation such as granting a special purpose broker-dealer license (SPBD)to Prometheum, a trading platform that doesn’t trade in digital assets itself, as well as its failure in creating a rigorous but workable process for registering real-world digital asset platforms .
Politicization Of Registration Process
Rep. Torres stated that Prometheum was granted this licence “under unusual circumstances” which reflects Chair Gary Gensler’s attempt at politicizing the registration process beyond what is normally seen in his history with the SEC; he added that when it comes to trading platforms dealing with real world activities ,the path towards registration remains “a bridge to nowhere.”
Torres: Regulation By Enforcement Is No Way To Regulate
The Congressman further described his opinion of this current stance taken by the SEC as being overzealous like “an traffic agent who arbitrarily tickets drivers for speeding while keeping everyone endlessly guessing about the speeding limit,” adding that regulation by enforcement is no way regulate .
Gemini Lends Platform $100M As Per Bloomberg Report
As per Bloomberg report released earlier today, Winklevoss twins lent their crypto platform Gemini $100 million after opening it up recently upon approval from New York State Department Of Financial Services .