Congressman Torres Accuses SEC Chair of Industry Sabotage

• Financial

New York Democrat Congressman Ritchie Torres recently reiterated his censure of Securities and Exchange Commission (SEC) Chair Gary Gensler. In an atmosphere of increasing tension between government bodies and the rapidly evolving crypto industry, Torres accused Gensler of being "intent on sabotaging the industry."

A Clash at Christie's Art + Tech Summit

Torres' latest remarks were delivered at Christie's auction house's Art + Tech Summit.

Here, he likened Gensler to "an overzealous traffic cop who excessively takes drivers and accuses them of speeding without telling them the speeding limit." This comment underscores the Congressman's belief that the SEC's approach to cryptocurrency regulation is akin to 'regulation by enforcement.'

Congressman Torres stressed the fundamental principle that individuals should be made aware of the rules before being accused of breaking them, saying, “if you’re going to accuse me of speeding, you want to tell me the speeding limit”.

Washington's Crypto Stance: A Generational Gap?

Addressing the generally unfavorable view towards cryptocurrencies in Washington, Torres opined that it is "not so much ideological as generational." Describing Congress as something of a "gerontocracy," he suggested that policymakers' opinions on emerging technologies like blockchain and cryptocurrencies should not influence their regulation.

Instead, Torres argued for a balanced approach to policy-making, saying, "Our role as policymakers should be to create a framework that protects customers and investors." Furthermore, he insisted that the decision to determine the utility of blockchain technology lies not with the government, but with the market.

Casting a spotlight on the real-world impacts of regulatory decisions, Torres stated, "there are good actors who are trying to do the right thing who have been the target of these enforcement actions, and have in some cases been driven out of business." He concluded with a call for the government and regulators to foster an environment where "entrepreneurs are free to innovate, without facing arbitrary action from the government." In this fast-paced era of technological evolution, these sentiments underscore the importance of clearly defined regulations that balance the need for customer protection with the freedom to innovate and grow.