The latest campaign comes as Coinbase on Wednesday revealed that it had received a Wells notice from the regulator.
Yesterday, CryptoLaw founder Attorney John E. Deaton launched a new campaign to allow crypto community members to reach out to their congressional representatives on the perceived overreach and misconduct of the United States Securities and Exchange Commission (SEC) through its “Connect to Congress” solution.
In a tweet today, the pro-XRP lawyer disclosed that the latest campaign had received over 2,000 messages from 785 advocates, over half of whom used the application for the first time. Deaton, urging more community members to join, noted that the campaign has already reached all congressional offices.
We have reached all 100 senate offices and 350 House members.
The message is already written for you and it takes 30 seconds. This is how easy it is to have your voices heard. Let them know: ENOUGH IS ENOUGH.
Go to https://t.co/TMrNeTTvTd Connect to Congress.
— John E Deaton (@JohnEDeaton1) March 24, 2023
CryptoLaw’s Connect to Congress portal launched in October 2021 to allow crypto investors to air out concerns on crypto regulations to their congressional representatives. It automatically matches advocates to their senate and house representatives using their zip codes.
Notably, Deaton’s latest campaign comes with a prefilled message titled “The SEC Is Out of Control.” It bashes the SEC for its crypto regulation by enforcement approach, which threatens the growth of the nascent crypto industry in the U.S., surmising the SEC’s approach so far as “extortion.”
The latest campaign comes as Coinbase on Wednesday revealed that it had received a Wells notice from the regulator. The letter expressed the regulator’s intent to launch an enforcement action against the leading U.S. crypto exchange claiming that an unspecified portion of its listed assets, staking service, and self-custody crypto wallet potentially violated securities laws.
Unsurprisingly, the SEC’s latest threat of litigation has sparked outrage within the crypto community. Consequently, others have also launched similar campaigns. Messari Chief Executive Officer Ryan Selkis yesterday disclosed that he had sent several letters to congressional leaders to act on crypto regulations and rein in the SEC. Selkis also hinted at plans to create a portal to help others participate.
1/ I just sent a letter to a dozen Congressional leaders outlining the economic & technical potential of digital assets; refuting misinformation spouted by some offices, regulators, and the executive branch; and calling for prudent, effective crypto legislation.
Part 1: pic.twitter.com/jV4uv4yn3F
— Ryan Selkis 🪳 (@twobitidiot) March 23, 2023
As reported yesterday, Ripple General Counsel Stuart Alderoty had hinted at some form of collaboration between Coinbase and Ripple. Notably, the latter remains in an over two-year-long legal battle with the SEC.
Meanwhile, crypto lobbying efforts in Capitol Hill are potentially yielding results, as yesterday, Representative Tom Emmer introduced The Blockchain Regulatory Certainty Act, a bipartisan bill prepared with the help of Representative Darren Soto.
— Tom Emmer (@GOPMajorityWhip) March 23, 2023