How Tos, Regulation

How to Fight for Crypto

It's time to take the crypto fight to D.C.
William M. Peaster William M. Peaster Mar 28, 20236 min read
How to Fight for Crypto

Dear Bankless Nation,

Crypto has come a long way since Bitcoin's creation in 2009, despite regulators largely pushing against it the entire time. As agencies double down on prosecution over guidance, it's becoming more important than ever for people in the crypto community to make their voices heard.

Today, we tackle how stateside crypto users can fight back using the democratic process.

- Bankless team

Lately, the regulatory climate in the U.S. toward crypto has taken a turn for the worse. If you don’t want to sit idly by as the “leaders of the free world” keeps fumbling here, this week’s write-up will show you how to have your voice heard in the fight for crypto.

  • Goal: Become a pro-crypto activist
  • Skill: Beginner
  • Effort: 1 hour
  • ROI: Mobilizing a defense of crypto in the U.S.

If we don’t fight for Crypto, then who will?

The “Operation Chokepoint 2.0” effort has ramped up since the start of the year, with the SEC issuing Wells Notices to crypto giants like Coinbase, and The White House’s publishing an annual economic report that spent dozens of pages on crypto FUD.

There’s no way around it… as of late the political climate in the U.S. is becoming more bitingly anti-crypto, and we’re starting to feel the sting here.

To be sure, no single agency or administration can stop borderless decentralized digital assets, though a concerted effort across the upper echelons of the U.S. government absolutely could set the cryptoeconomy back by years and damage the livelihoods of many people building in and around the space.

We’re seeing what looks like the start of such a “concerted effort” lately, and if it continues it’ll be costly in many different ways. It’d also be a huge fumble. For example, stablecoins have been an incredible force for dollarization on the world stage in recent years, so you’d think the U.S. would be amplifying its soft power internationally while supporting enterprises domestically by leaning into crypto.

Sadly, though, we’ve been seeing the opposite of this common sense approach in recent days.

All that said, it’s high time pro-crypto U.S. citizens start building coalitions across the cryptoeconomy while educating the public about the benefits that decentralized digital assets can offer.

Let’s say you don’t have a ton of time right now, though, and you’re not sure where to begin here. No worries! There are a handful of straightforward approaches you can consider diving right into if you want to start having an immediate impact on the defense of crypto in the U.S. These approaches include:

🚨 Sounding the alarm — Do you have pro-crypto friends in the U.S. who don’t follow the news as closely as you do? Make sure they’re aware of the worsening regulatory climate in the country. The more people who are aware of what’s going on, the easier it is to rally support.

👛 Flexing with your wallet — Don’t sleep on the power of the purse. Consider backing organizations, which are fighting the good fight, with your wallet. For example, you might consider making donations to crypto advocacy groups like Coin Center or moving some of your crypto activity over to Coinbase, which is fighting the SEC, as a demonstration of confidence and support.

🤝 Contributing to collective efforts — There are already ongoing pro-crypto activism efforts you can consider chipping into to further their momentum and reach, like Coinbase’s new Crypto435 campaign that’s aiming to take pro-crypto advocacy into every congressional district in the U.S.

📝 Contacting your congresspersons — If you live in the U.S., at any given time you have multiple congresspersons that represent your district at both the state level and the federal level. It’s true there aren’t many pro-crypto politicians in the U.S. right now, but most just aren’t educated on the ecosystem. The best way to educate and inform them on why crypto matters to you as one of their constituents is to write to them and tell them what you think! If they get enough messages, it absolutely will make a difference.

📮 Showing up to vote — See if you can get your congresspersons on the record about crypto in your correspondence with their office. Research candidates’ positions. And then make a more informed vote with all the info you have available. Hopefully, as more of us contact our representatives -- and with efforts like Crypto435 on the rise -- soon we can have a wide range of pro-crypto candidates from sea to shining sea. Of course, why shouldn’t we? This is the “Land of the Free” after all, so magic internet freedom money falls directly within our scope. Freedom comes with challenges, our leaders know that very well, but we can tackle these challenges head on. That’s what America at its best is all about, vote it into being.

How to contact your congressperson

Contacting your local representatives is easier than you think and can have a big impact as part of a collective effort across the nation. To directly express your support for crypto as well as your concerns about the current anti-crypto regulatory environment in the U.S., you can follow these steps:

  1. 🔍 Identify your representatives — For example, you can visit the official U.S. House of Representatives website and enter your zip code to find the names and contact information of your representatives. For senators, visit the U.S. Senate website and search there.
  2. 🤔 Research your representatives’ stances — Investigate your congresspersons' views on crypto and related regulations by checking against things like their public statements, sponsored bills, and voting histories. This will help you tailor your message to their current positions.
  3. ✍️ Craft a clear and concise message — Write a brief, well-structured message that outlines your support for crypto, your concerns about the anti-crypto regulatory environment, and any specific issues or proposals you'd like your representative to consider. Be polite and respectful in your tone; if you write a letter, address it to “The Honorable (Name),” for instance, as is customary.
  4. 📞 Choose your method of contact — Email, letters, or phone calls are avenues you can consider for contacting the offices of your representatives. You can find their contact information on their official websites. Keep in mind that written communication may allow you to better convey your thoughts at length, while phone calls are great if you don’t have much time and want to convey a quick general message of support.
  5. 💬 Deliver your message.
  6. For email: Use the email form on your representative's website. Use a clear subject line, such as "Support for Crypto." Then briefly introduce yourself and write your argument with supporting evidence, anecdotes, etc.
  7. For phone calls: Call your representative's office using the phone number listed on their website. Be prepared with a brief script outlining your main points. When connected, politely ask to speak with the staff member responsible for financial or technology issues.
  8. For regular mail: Write a letter to your representative using the address listed on their website. Make sure your letter is neatly formatted, and include your contact information in case the representative’s staff would like to contact you in the future.

Once you’ve reached out to the offices of your choice, keep track of any responses you receive or any actions that your congresspersons take related to crypto. If they take positive steps, consider reaching out again to thank them for their efforts. If they don’t make any adjustments after a while, you can always try following up again with another message to reiterate your positions!

The big idea

As the regulatory environment surrounding crypto becomes increasingly hostile in the U.S., it’s crucial for crypto supporters here to maintain pressure and to be persistent, patient and polite in our activism.

By spreading awareness, contributing to collective efforts, and directly contacting our representatives, we can make a tangible impact in the defense of the cryptoeconomy. Every voice counts, and with a coordinated effort we really can actualize a more crypto-friendly future in America. So, don't sit idly by; stand up, fight for crypto, and ensure that its potential is recognized and embraced by our political leaders.

Action steps

  • Defend crypto: use the avenues above to advocate for pro-crypto policies in America ✊

In this article

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William M. Peaster

Written by William M. Peaster

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William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art on Ethereum in his free time. He lives in Washington.

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