• An advocacy consumer group called Digital Currency Trader’s Alliance (DCTA) has formed in order to challenge the SEC and stop it from getting in the way of crypto innovation.
• The DCTA is running a campaign called „Stop the SEC“ and calling for retail investors to speak with their state politicians.
• Meanwhile, Coinbase is launching its own program called Crypto 435 to ensure pro-crypto policies exist in all the U.S.’s 435 congressional districts.
SEC Challenges Crypto Innovation
The Securities and Exchange Commission (SEC) seems to be under the impression that it has the right and authority to police the entire crypto space, going after many of the world’s leading digital currency platforms such as Kraken which had to pay a $30 million fee and cease all its ETH staking services.
DCTA Fights Back
The Digital Currency Trader’s Alliance (DCTA) has formed as an advocacy consumer group designed to go after the SEC and stop it from getting in the way of crypto innovation. The campaign is dubbed “Stop the SEC” and is calling for retail investors to speak with their state politicians about joining this battle. The CDTA’s deputy director Kevin Trommer explained: “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.“
Coinbase Launches Crypto 435
Coinbase – America’s largest digital trading platform – is launching its own program called Crypto 435 which aims to ensure pro-crypto policies exist in all of U.S.’s 435 congressional districts. This comes after Coinbase was forced to hand a large penalty fee over regulators in New York due to political run-ins.. House Majority Whip Tom Emmer suggested that Gary Gensler, head of the SEC, needs a lesson in humility on not overstating his boundaries saying: “Chair Gensler has subjected the crypto community to regulatory purgatory with little to no way to offer registered, compliant products and services in United States.“
Ensuring Right Rules Are Made
John Deaton – member of DCTA advisory board – stated that all his team accomplish will focus on ensuring “the right rules are made,“ while also noting that these need time for implementation – something which regulators have yet been open too since they want more immediate results.
The Digital Currency Trader’s Alliance (DCTA) has formed alongside Coinbase’s new program Crypto 435 in order challenge regulations put forth by regulators such as Gary Gensler from SEC who wants control over cryptocurrency innovations without giving enough time for implementation or understanding about what he is doing. It remains unknown if either organization will be successful but hopefully they will achieve better rules for cryptocurrencies across USA’s 435 congressional districts soon enough!