Congressman Ritchie Torres (D-NY) recently requested an investigation into the Securities and Exchange Commission’s (SEC) regulation of digital assets. The request was made to the House Financial Services Committee, which oversees the SEC. In his letter, Torres expressed concern that the SEC’s current regulations are outdated and inadequate for the rapidly evolving digital asset industry.

Torres noted that the SEC’s current regulations do not adequately protect investors from fraud or other risks associated with digital assets. He also pointed out that the SEC has not issued any new rules or guidance on digital assets since 2014, despite the fact that the industry has grown significantly since then.

The Congressman believes that the SEC needs to update its regulations to reflect the current state of the digital asset industry. He argued that this would help ensure that investors are protected and that the industry can continue to innovate and grow. He also noted that it would help create a level playing field for all participants in the industry.

Torres’ request is part of a larger effort by Congress to update financial regulations to keep up with the rapidly evolving digital asset industry. The SEC has been criticized in recent years for failing to keep up with the industry, and it is likely that Congress will continue to pressure the agency to update its regulations.

The SEC has yet to respond to Torres’ request, but it is likely that they will take it seriously. The agency has been under increasing pressure from Congress to update its regulations, and this request could be a sign that Congress is serious about getting the SEC to act.

It remains to be seen what action the SEC will take in response to Torres’ request, but it is clear that Congress is taking a more active role in regulating the digital asset industry. It is likely that we will see more requests from Congress in the future as they continue to push for updated regulations.