Group Forms to Stop SEC’s Crypto Crackdown: Stop the SEC!

  • An advocacy consumer group called the Digital Currency Traders Alliance (DCTA) has formed to go after the Securities and Exchange Commission (SEC) and stop it from getting in the way of crypto innovation.
  • Coinbase is launching its own program called Crypto 435, designed to ensure pro-crypto policies exist in all 435 congressional districts.
  • House Majority Whip Tom Emmer believes that SEC head Gary Gensler needs to be put in his place and be given a lesson in humility and not overstating his boundaries.

The DCTA’s Campaign Against The SEC

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 seeks to limit the alleged influence this organization has over crypto and other portions of the financial arena.

Coinbase’s Crypto 435 Initiative

In addition to DCTA, Coinbase – one of USA’s largest digital currency exchanges – is launching its own program called Crypto 435. The goal is to ensure pro-crypto policies exist in all U.S.’s 435 congressional districts. Coinbase recently had to pay a giant penalty fee over to regulators in New York which highlights why this initiative was created.

Tom Emmer on Gary Gensler

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House Majority Whip Tom Emmer believes that SEC head Gary Gensler needs to be put in his place and be given a lesson in humility and not overstating his boundaries. He said: Chair Gensler has subjected the crypto community to regulatory purgatory with little to no way to offer registered, compliant products and services in the United States. We need to bring crypto firms into safe markets, not relegate them offshore, leaving investors vulnerable.“

Ensuring Proper Rules Are Made

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DCTA advisory board member John Deaton also emphasized how important it is that proper rules are made so that “investors can move with confidence knowing they have robust protections” while still allowing “innovators [to] create new jobs without unduly high barriers or cost structures“. It looks like both DCTA’s Stop The SEC campaign as well as Coinbase’s Crypto 435 initiative are seeking positive changes within regulations surrounding cryptocurrency platforms.

Final Thoughts

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It remains unclear what will happen next with regard to these initiatives however it does appear that there are people out there who want change for cryptocurrency regulation for better protection of investors whilst still allowing innovators more freedom when it comes creating jobs within this industry.

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