The Blockchain Association, a prominent cryptocurrency advocacy group, has reported that its member firms have spent over $400 million addressing enforcement actions initiated by the US Securities and Exchange Commission (SEC) under the leadership of Chair Gary Gensler. The association’s statement highlighted that the SEC has filed 104 enforcement actions against players in the crypto sector, compelling industry members to spend an estimated $426 million in legal defenses against these regulatory challenges.
The Blockchain Association clarified that these expenses were self-reported by members and represent only a fraction of the industry. The group’s membership includes prominent names such as Ripple, Coinbase, Grayscale, Crypto.com, Paradigm, and Kraken, most of which are still engaged in legal battles with the SEC.
In addition to the financial burdens, the SEC’s aggressive approach has led to significant job losses, stifled innovation, and reduced investment in the United States. Blockchain Association CEO Kristin Smith criticized the SEC’s enforcement-led approach, stating that it undermines the US’ position in global tech leadership while failing to protect American investors.
The advocacy group also conducted a national survey with HarrisX, gathering input from 1,717 registered voters. The polling data revealed a general sense among voters that the US has taken a misguided approach to crypto regulation, with a significant majority indicating a preference for clear rules over enforcement-focused regulation by a margin of two-to-one. Two-thirds of voters believe the SEC should delay further action until Congress provides clearer guidelines that better protect the sector.
Voters expressed that no single party “owns” crypto or digital assets as a campaign issue, with participants split on which party would better support digital asset innovation, with a slight lean toward Republicans at 34%, compared to 32% for Democrats. HarrisX’s Chief Commercial Officer Alex Chizhik emphasized that crypto owners and the industry are not against regulation but are against being singled out by a regulator aiming to score political points at the expense of innovation, American jobs, and the future strength of the industry.
Source: https://cryptoslate.com/blockchain-association-slams-sec-enforcement-actions-under-gensler-for-stifling-growth/
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The text provided appears to be an article from CryptoSlate, discussing the Blockchain Association’s report on the financial impact of SEC enforcement actions on the crypto industry under Chair Gary Gensler’s leadership. The association argues that the SEC’s approach has led to significant legal expenses, job losses, and stifled innovation in the United States.