•An advocacy consumer group has formed to battle the Securities and Exchange Commission’s (SEC) regulation of crypto.
•The campaign is called “Stop the SEC” and it urges retail investors to contact their state politicians about joining in.
•Coinbase is also launching its own program called Crypto 435 which seeks to ensure pro-crypto policies exist in all 435 congressional districts.
Advocacy Group Formed To Stop SEC From Hurting Crypto
An advocacy consumer group has formed that’s designed to go after the Securities and Exchange Commission (SEC) and stop it from getting in the way of crypto innovation. The Digital Currency Trader’s Alliance (DCTA) is now featuring commercials for the group online and is calling for retail investors to speak with their state politicians about joining the battle. This campaign is dubbed „Stop the SEC,“ and it’s looking to put a damper in the alleged influence the organization has over crypto and other portions of the financial arena.
Opposition To The SEC Growing
The SEC seems to be under the impression that it has control over the entire crypto space, going so far as forcing Kraken – one of America’s largest digital currency exchanges – to pay a $30 million fee, as well as cease all its ETH staking services. House Majority Whip Tom Emmer commented on this power, noting that Gary Gensler – current head of the SEC – needs to be put in his place by teaching him humility, rather than allowing him to continue overstating his boundaries.
Coinbase Launching Own Program
Coinbase – America’s largest digital trading platform – is launching its own program called Crypto 435, which aims at ensuring pro-crypto policies exist in all 435 congressional districts across America. Deputy Director Kevin Trommer explained that DCTA wants everyday consumers connected with their congressional representatives so they can personally share how the SEC’s regulation by enforcement approach affects their investments negatively.
Ensuring The Right Rules Are Made
DCTA advisory board member John Deaton commented on what they are trying to accomplish, saying that their goal is making sure people have access to fair markets with compliant products and services where they will not be vulnerable due insufficient regulatory safeguards. He also added that these regulations needn’t relegate people offshore but instead bring them into safe and strong markets within America itself.
It looks like we may soon start seeing some changes made regarding how crypto platforms are policed by organizations such as the SEC, thanks largely in part due advocacy groups like DCTA taking a stand against them along with Coinbase leading its own initiative for change through Crypto 435 program.