• A consumer advocacy group has formed to fight the Securities and Exchange Commission (SEC) on behalf of retail investors.
• Coinbase is launching a program called Crypto 435 to ensure pro-crypto policies exist in all 435 congressional districts.
• House Majority Whip Tom Emmer believes the SEC Chair needs to be put in his place and given a lesson in humility.
Stop the SEC Campaign
An advocacy consumer group known as the Digital Currency Trader’s Alliance (DCTA) has launched a campaign called “Stop the SEC” that calls for retail investors to speak with their state politicians about joining them in opposing the Securities and Exchange Commission (SEC). The SEC has been targeting many of the world’s leading digital currency platforms, such as Kraken, which was forced to pay a $30 million fee and cease ETH staking services.
Coinbase Launches Crypto 435 Program
In addition to DCTA’s campaign against the SEC, Coinbase – America’s largest digital trading platform – is launching its own program called Crypto 435. The goal of this program is to create pro-crypto policies in all of U.S.’s 435 congressional districts. Coinbase itself had to face legal repercussions with regulators in New York recently, making their initiative even more important.
Tom Emmer Speaks Out Against SEC
House Majority Whip Tom Emmer has spoken out against Gary Gensler, head of the SEC, expressing that he needs to be humbled for overstating his influence over crypto and other portions of the financial arena. He believes that crypto firms should be brought into U.S.’s safe and strong markets instead of being relegated offshore where investor protection is not guaranteed.
John Deaton Comments on Regulatory Purge
Advisory board member John Deaton commented on how regulation by enforcement approach by Gensler has subjected crypto communities „to regulatory purgatory“. He also said that it was up to DCTA and other organizations like it to ensure that right rules are made so traders can continue investing without worrying about potential fines or penalties from governmental agencies like the SEC.
The Stop the SEC campaign from DCTA and Crypto 435 program from Coinbase are two initiatives taken by different groups meant to oppose any oppressive regulations from governmental organizations such as the Securities and Exchange Commission (SEC). It will be interesting to see if these efforts will have any positive impact on crypto trading going forward or whether they will become another casualty of failed attempts at pushing back against overly strict regulations imposed upon digital currency platforms worldwide.