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. The SEC Is Now Facing Some Opposition The SEC seems to be under the impression that it has the right and the authority to police the entire crypto space. In the past several weeks, it has gone after many of the world’s leading digital currency platforms, a big one being Kraken. As one of the USA’s largest and most popular digital currency exchanges, the firm was forced to pay a million fee to the SEC and
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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.
The SEC Is Now Facing Some Opposition
The SEC seems to be under the impression that it has the right and the authority to police the entire crypto space. In the past several weeks, it has gone after many of the world’s leading digital currency platforms, a big one being Kraken. As one of the USA’s largest and most popular digital currency exchanges, the firm was forced to pay a $30 million fee to the SEC and cease all its ETH staking services.
The new 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. The CDTA’s deputy director Kevin Trommer explained in a recent interview:
We created this campaign to connect everyday consumers with their congressional representatives so they can tell them firsthand how the SEC’s regulation by enforcement approach to crypto is hurting their investments.
It looks like the DCTA isn’t the only enterprise seeking to make its mark on the crypto world. Coinbase – the largest digital trading platform in America – is launching its own program called Crypto 435. The goal is to ensure pro-crypto policies exist in all the U.S.’s 435 congressional districts. Coinbase has had a few political run-ins itself given it recently had to hand a giant penalty fee over to regulators in New York.
House Majority Whip Tom Emmer explained in a statement that Gary Gensler – the current head of the SEC – 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 the United States’ safe and strong markets, not relegate them offshore, leaving investors vulnerable to insufficient regulatory safeguards.
Ensuring the Right Rules Are Made
DCTA advisory board member and lawyer John Deaton also said that all his team accomplishes in the coming future will hold great precedence over what occurs in the crypto arena and how well the government can push traders around. He said:
The next few years will be the most critical when it comes to influencing potential crypto regulations. The SEC has abandoned the individual retail investor. We must represent ourselves by organizing and making sure our voices are heard.