XRP Lawyer Launches ‘Connect to Congress’ Over SEC Crypto Overreach

XRP News: XRP Lawyer John Deaton launched a campaign ‘Connect to Congress’ over the U.S. Securities and Exchange Commission’s (SEC) overreach in the crypto market. Connect to Congress is a tool that helps identify users’ respective US Representative and US Senators. This is to further help them share a perspective on crypto regulation and concerns with the lawmakers. Essentially, the tool matches the crypto enthusiast with their elected officials and allows them to send a message directly to their offices.

Also Read: Terra (LUNA) Price Tumbled 8%, Terra Classic (LUNC) 4% After Do Kwon Arrest

SEC Is Out of Control

Deaton has been highly vocal against the SEC’s recent enforcement actions on the crypto businesses. The pre-compiled message will carry a subject line “SEC Is Out of Control,” over the agency’s actions pertaining to digital asset holders. The lengthy message begins with describing the SEC’s actions as an all-out war on crypto. The message calls out the commonly heard view from the crypto community on lack of clarity on regulation. It says the SEC refuses to state what the rules are for companies to follow.

“The SEC never raised an objection for years, but now is dragging companies into court and demanding billions of dollars in fines. That is not regulation. It is extortion. It is a violation of fair notice and due process.”

The message also highlights that the SEC could not prevent incidents like the FTX collapse. The SEC has failed to protect a single investor with any of its actions, the text adds.

Also Read: Arbitrum’s (ARB) Price Plummets By 90% From IOU Value Amid Mass Sell-Off

Meanwhile, the Ripple XRP price saw significant jump of over 20% in the last one week over speculation about the company’s victory in the SEC lawsuit. The jump came at a time when Bitcoin price saw slight correction around the FOMC meeting although it gained around 15% over the week.