Representative Ritchie Torres (D-CA) has criticized the SEC's approach to regulating the cryptocurrency industry, calling it a "war on the whole industry." He has proposed the Financial Innovation and Technology (FIT) for the 21st Century Act, which aims to reform the market structure by defining which cryptocurrencies fall under the SEC's jurisdiction. The proposed legislation would classify a crypto asset as a commodity falling under the jurisdiction of the CFTC once it can demonstrate sufficient decentralization. Torres is also supporting a measure that focuses on stablecoins, but a bipartisan compromise on the stablecoin measure has recently collapsed, adding complexity to ongoing discussions about stablecoin regulations.