
Rep. Ritchie Torres (D-NY) confronted SEC Chair Gary Gensler during a Congressional hearing, challenging his stance on digital asset securities. Torres argued that Gensler's classification of NFTs as securities is inconsistent and overly broad, comparing it to calling a Yankee ticket a security. Torres also questioned the SEC's demand for the destruction of NFTs from Stoner Cats, raising First Amendment concerns. Gensler had previously stated in 2021 that he did not have the authority to regulate the digital asset industry, which Torres highlighted as misleading. Additionally, Gensler denied knowledge of 'Operation Choke Point 2.0,' despite widespread mentions of the term in discussions about anti-crypto measures. The hearing highlighted bipartisan criticism of Gensler's regulatory approach to digital assets, particularly regarding blockchain and the Howey precedent.
Congressman Torres hits the nail on the head. The SEC can't unilaterally expand its authority, despite Gensler's misleading claims that almost all digital assets are securities. Opposition to @GaryGensler's regulation by enforcement of digital assets is bipartisan. https://t.co/BGXoIuniQK
A masterclass here from @RepRitchie . Just because something is digitized or on blockchain does not make it a security. The SEC’s approach to #NFTs has no basis in statute. https://t.co/G1xaqalUOv
Get em @RepRitchie !! There is no difference, and the action against Stoner Cats @stonercatstv and many others are shams rooted in the SECs regulatory capture, significant lack of understanding of blockchain, willful ignorance and stubbornness regarding the clear need to… https://t.co/syChRCuRX8