Love Letter From Tom & Patrick to Gary: Let Americans Have Their Crypto Airdrops

[TomPluz]

In a letter to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, Representative Tom Emmer (R-MN)—the House Majority Whip—expressed concerns about how the regulator views crypto airdrops under the lens of securities law.

Seeking clarification on the matter, Emmer and McHenry further accused Gensler and the SEC of putting its thumb on the scale and preventing Americans from “shaping the next iteration of the internet.”

“Airdrops play an important role in incentivizing participation in blockchain-based applications, which, in turn, contribute to the continued development, initial governance, and ultimate decentralization of these networks,” Emmer said in a statement.

In the new letter, Emmer and McHenry requested that Gensler clarify the SEC's position by September 30 on whether distributing non-security digital assets for free triggers the Howey test—and, if so, under what specific conditions.

Get more of this development here.


I am not really aware that American citizens are having a hard time and many maybe chose not to participate in airdrops because of the possibility of violating the security laws of the country. And because of this SEC should clarify this issues once and for all and must openly defend its position under the light of the day and not hide under its " regulation by enforcement" mentality. While not all airdrops are worth it, all people should be free to receive anything especially for free or under some conditions which mostly don't cost money. As one who is involved with cryptocurrency, I can a little bit lucky that am not based in USA and I am not under the power of that man named Gary Gensler, an enemy of this industry.

[Faisal2202]

I am not really aware that American citizens are having a hard time and many maybe chose not to participate in airdrops because of the possibility of violating the security laws of the country. And because of this SEC should clarify this issues once and for all and must openly defend its position under the light of the day and not hide under its " regulation by enforcement" mentality. While not all airdrops are worth it, all people should be free to receive anything especially for free or under some conditions which mostly don't cost money. As one who is involved with cryptocurrency, I can a little bit lucky that am not based in USA and I am not under the power of that man named Gary Gensler, an enemy of this industry.

They are not having a hard time as I think you don't join airdrops mostly but I have been very active in joining airdrops and joined more than 200+ airdrops till Jan I know the numbers are low as there are more airdrops in the market but after April I kinda did not update my spreadsheet. Well, the thing is most of the airdrops don't allow US citizens to join their airdrops, it's not only with the USA there are other countries that are also on the ban list.

I also wonder sometimes why would they ban USA especially there might be some other reason behind the disobeying of SEC's law. They have also mentioned that previously SEC sued Justin Sun for airdropping money to people the founder is the one who got accused and has to face the problems so most of the projects even those based in the USA don't allow their citizens to claim airdrops or participate in airdrops. However, there are other ways to join airdrops for US citizens if they really want to.

[ABCbits]

I appreciate effort of those politician, but i doubt single letter would change mind of SEC chair. A petition could be more effective in this case.

I am not really aware that American citizens are having a hard time and many maybe chose not to participate in airdrops because of the possibility of violating the security laws of the country.

But in practice, the one who worry about that is the project team who wish to launch airdrop. SEC wouldn't bother go after individual.

While not all airdrops are worth it, all people should be free to receive anything especially for free or under some conditions which mostly don't cost money.

I agree. Although some airdrop these days require identify verification (where they claim to prevent abuse/multiple claim) or tasks which take lots of time.

[Jating]

^^ It's because SEC under Gary has been scrutinizing every crypto projects and as you can see, he is anti-crypto if we look at how he handled SEC under his reign. That's why many US crypto enthusiasts are really attacking him or doesn't like him being the head of SEC for now.

He has received a lot of backlash, however, his tenure is align with the current US sitting President as he is a nominee of Biden. And with that, in case the Trump win then Gary is out. Not sure though if Kamala wins if she wanted to retain Gary's services.

[Lucius]

~snip~
He has received a lot of backlash, however, his tenure is align with the current US sitting President as he is a nominee of Biden. And with that, in case the Trump win then Gary is out. Not sure though if Kamala wins if she wanted to retain Gary's services.

We have already written about it, the president of the US cannot replace the GG, his mandate lasts until 2026 and he can only leave on his own or if some kind of anarchy happens and he is forcibly removed. Given that DT stated in one of his public appearances that people will only need to vote in the next elections if he wins, then would that mean that the US will become a country with a dictator?

I'm not a fan of airdrops, but I wouldn't prevent people from participating in them, of course, provided they are of legal age and aware of all the risks. People will always find a way to do something even if there is some kind of ban.

[MrSpasybo]

We have already written about it, the president of the US cannot replace the GG, his mandate lasts until 2026 and he can only leave on his own or if some kind of anarchy happens and he is forcibly removed. Given that DT stated in one of his public appearances that people will only need to vote in the next elections if he wins, then would that mean that the US will become a country with a dictator?

I'm not a fan of airdrops, but I wouldn't prevent people from participating in them, of course, provided they are of legal age and aware of all the risks. People will always find a way to do something even if there is some kind of ban.

I hope Gensler will step down soon after the election, regardless of who the new president is. Gensler has created chaos in the crypto market for years with his claims of protecting investors but he has indirectly caused many investors to suffer losses.

If Gensler leaves the SEC and we have another crypto-friendly SEC member, things will change for the better for crypto, especially when we will also have a clear legal framework for this market soon. Then, not only airdrops, investors will have the right to participate in most activities in the crypto market for profit or entertainment ^^

[NotATether]

I define an airdrop to be when somebody gives you free coins for doing a task, so how the hell does Uncle Gary see it as a security?

Maybe he is thinking the same thing as I'm thinking and is implying this only for obscure shitcoins.

[ABCbits]

I define an airdrop to be when somebody gives you free coins for doing a task, so how the hell does Uncle Gary see it as a security?

Maybe he is thinking the same thing as I'm thinking and is implying this only for obscure shitcoins.

That's possible, since some project avoid paying expert who can do proper testing/review by conducting airdrop where they expect people to perform test/review for token that could be worthless. But don't forget SEC classify token as securities, where the sell/distribution is monitored more closely.

[Lucius]

~snip~
If Gensler leaves the SEC and we have another crypto-friendly SEC member, things will change for the better for crypto, especially when we will also have a clear legal framework for this market soon. Then, not only airdrops, investors will have the right to participate in most activities in the crypto market for profit or entertainment ^^

They say that you should be careful what you wish for, because it might come true. I want to say that it should never be ruled out that after GG someone may come who will have even worse attitudes towards cryptocurrencies, regardless of who becomes the new president.

Investors, of course, have the right to invest their money in whatever they want, but those same investors should then accept the risks arising from such risky investments - which means that in case they lose their money in any way, they should not point the finger at anyone else but themselves.

What I want to say is that everyone wants to have absolute freedom to do whatever they want, but when things go wrong, the state institutions are to blame for not protecting them better. Unfortunately, protection in this case comes from strict regulation, whether someone likes it or not.

[robelneo]

While not all airdrops are worth it, all people should be free to receive anything especially for free or under some conditions which mostly don't cost money. As one who is involved with cryptocurrency, I can a little bit lucky that am not based in USA and I am not under the power of that man named Gary Gensler, an enemy of this industry.

This is something that they should understand. they promote equality in their country but there is no equality that they are giving to their citizens when it comes to airdrop, there are so many wasted opportunity by US citizen because of this regulation.

This is one of the advantages of us living in a third country over first world country like the United States, its citizens can look and hear the news on how some of these airdrops developed into something great in the community.

[Rubel007]

Gary Gensler is a curse to American citizens. Without his removal, Americans cannot be free. And for this there is no alternative to electing Trump as the American next president President. Gary Gensler will not support crypto but he is trying to take away the rights of the common people by making new laws. Not allowing participation in airdrops or interfering with them would mean denying American citizen liberties.

[bitterguy28]

I also wonder sometimes why would they ban USA especially there might be some other reason behind the disobeying of SEC's law.

in the article it just says that it’s because of the lack of framework basically the rules are unclear and many Americans probably are trying not to get into trouble by doing something they’re not sure whether is allowed or not

in this case sec really should smooth out things about crypto so that everyone can follow what is written on paper and not walk on eggshells

[yhiaali3]

Well that's good for us, since the US government doesn't allow US citizens to get free coins from airdrops, well we'll take our share of airdrops double.

All the weird stuff happens in Uncle Sam's country, I don't know what's the justification for preventing people from getting free coins, I don't really understand them, we understand that they want to protect people from getting scammed and losing their money but what's wrong with getting free money?

Even if the airdrops are scams you won't lose your money because participating is free, so what's the legal justification for the ban?

[ABCbits]

Even if the airdrops are scams you won't lose your money because participating is free, so what's the legal justification for the ban?

I disagree with SEC action towards airdrop. But as i stated above, some airdrop makes you do certain task which takes some time. So while you don't lose money, you lose your time. There's also risk of your email address or other personal data sold by them.

[Ujok]

I am not really aware that American citizens are having a hard time and many maybe chose not to participate in airdrops because of the possibility of violating the security laws of the country. And because of this SEC should clarify this issues once and for all and must openly defend its position under the light of the day and not hide under its " regulation by enforcement" mentality. While not all airdrops are worth it, all people should be free to receive anything especially for free or under some conditions which mostly don't cost money. As one who is involved with cryptocurrency, I can a little bit lucky that am not based in USA and I am not under the power of that man named Gary Gensler, an enemy of this industry.

They are not having a hard time as I think you don't join airdrops mostly but I have been very active in joining airdrops and joined more than 200+ airdrops till Jan I know the numbers are low as there are more airdrops in the market but after April I kinda did not update my spreadsheet. Well, the thing is most of the airdrops don't allow US citizens to join their airdrops, it's not only with the USA there are other countries that are also on the ban list.

I also wonder sometimes why would they ban USA especially there might be some other reason behind the disobeying of SEC's law. They have also mentioned that previously SEC sued Justin Sun for airdropping money to people the founder is the one who got accused and has to face the problems so most of the projects even those based in the USA don't allow their citizens to claim airdrops or participate in airdrops. However, there are other ways to join airdrops for US citizens if they really want to.

I think airdrop plays an important role in attracting everyone's attention so that many people will look at the company. My thoughts are the same as yours, they don't have any trouble with airdrops but they don't use airdrops and they don't participate in airdrops. Airdrops can be said to be a company strategy to be known to everyone and this is widely done by crypto projects.