Crypto Consumer Group Launches ‘Stop the SEC’ Campaign

Lavina Daryanani
Source: Bloomberg

The U.S. Securities and Exchange Commission’s crackdown game has been in full swing of late. It has been taking outright enforcement actions to curb illegal activities, uphold the spirit of justice, and protect investors. Right from forceful shutdowns, imposing fines, and issuing search warrants to questioning and arresting lawbreakers, regulators have been on their toes the whole time.

Recently, the Securities and Exchange Commission charged Kraken for offering unregistered securities. As a result, Kraken “immediately” ended its crypto staking-as-a-service platform for U.S. customers and paid $30 million to settle charges. In mid-February, the agency filed charges against Terrra founder and CEO Do Kwon for fraud. Moreover, just a day ago, the SEC charged former FTX executive Nishad Singh with defrauding investors.

Also Read – Crypto and SEC: Here’s How the SEC Brought its Crackdown Game in February 2023

Consumer group launches campaign against SEC

A recent Fox Business report brought to light the fact that a crypto consumer advocacy group has launched a campaign against the U.S.’s apex regulatory agency. Particularly, according to the report,

“The Digital Currency Trader’s Alliance (DCTA) has launched an online advertising campaign calling on retail investors to lobby their congressional representatives to fight back against SEC Chairman Gary Gensler’s regulation by enforcement strategy.”

Also Read: SEC Charges Terra Founder Do Kwon For Fraud

The non-profit group has reportedly claimed that the SEC’s enforcement strategy is unfairly harming retail crypto investors. Dubbed “Stop the SEC,” the campaign intends to assist retail investors in “demanding regulatory clarity” from regulators. It also seeks to shield them from the SEC’s overreach.

The alliance’s Deputy Director Kevin Trommer told Fox Business,

“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.”

In other parallel news, Coinbase correspondingly launched its own native campaign called Crypto435 a day ago. The company is looking to foster a pro-crypto policy in all 435 Congressional Districts across the U.S. Through this initiative, Coinbase also wants to “grow” the crypto advocacy community and share tools and resources to make users’ voices heard.

Also Read: 10 Reasons Why Coinbase’s Ethereum L2 ‘Base’ Is a “Big Deal”