Ryan Selkis, the CEO of crypto research firm Messari, recently sent a letter to members of Congress calling for fair regulation in the cryptocurrency industry.

The letter was accompanied by thorough documentation and urged Congress to take urgent action to avoid harm to the US economy and national security. Selkis also urged Congress to exercise oversight over financial regulators and suggested that it shouldn't be difficult to implement equitable regulation.

"We need 3 core pieces of legislation: 1) stablecoins & banking rules and regs 2) hosted exchange & custody registration norms 3) token reporting/disclosures rules", Selkis wrote in a tweet.

Although the letter didn't explicitly mention Coinbase, it was drafted on the same day that the SEC issued a Wells notice to the company, suggesting a possible connection.

Coinbase CEO Brian Armstrong later retweeted Selkis' letter.