The BA claims Gensler’s SEC “regulation by enforcement” approach has hurt innovation, costing the U.S. jobs and investment in technology.
Since Gary Gensler took over as chair of the United States Securities and Exchange Commission, the Blockchain Association, which is an advocate group for blockchain technology and cryptocurrencies, said that the SEC has caused corporations to lose at least $426 million in lawsuits involving digital assets.
The Securities and Exchange Commission has filed 104 complaints against the cryptocurrency business between the years 2021 and 2023, according to the Blockchain Association (BA), which revealed this information on its “regulation by enforcement” page on October 31.
Blockchain Association Claims SEC Cost Crypto Companies $426M
Self-reported data by BA member companies, which the association describes as a “small slice of the industry,” revealed that cryptocurrency companies had spent $426 million in “defensive litigation” against the regulator. The association provided this information.
The blockchain Association (BA) declared that both the industry and the American voter are prepared for change and a fair opportunity. The time has arrived to end the legal harassment of our industry.
This is the first step, starting with a change in leadership at the SEC. Since he took over as chair of the SEC in 2021, numerous industry activists and lawmakers in the United States have voiced their disapproval of the “regulation by enforcement” strategy that he has taken toward cryptocurrency.
Under Gensler’s leadership, the commission has initiated enforcement actions against a number of companies, including Binance, Ripple, Coinbase, and others. BA claimed on X that Gensler’s “anti-innovation crypto crusade” led to “an immeasurable loss of jobs, innovation, and US tech investment.”
This was in addition to the money that Gensler had collected. Kristin Smith, the organization’s chief executive officer, issued a call to crypto users, urging them to back a change in leadership at the Securities and Exchange Commission (SEC).
Regarding the “change of leadership” for the Securities and Exchange Commission the posts on X did not explicitly indicate which political candidates the group or Smith would endorse in the 2024 election.
Should he win the election, Republican Donald Trump declared he would fire Gensler “from day one.” Meanwhile, sources indicated that Democratic Vice President Kamala Harris was contemplating potential alternatives for the position of SEC chair.
According to the BA, “Crypto is an election issue that is up for grabs and has the power to sway voters.” Although there is no party that now “owns” the subject, people have stated that they are more willing to support and back candidates that favor advances in the digital asset area.
Given that 18% of the electorate consists of crypto voters, winning over them on this issue is significantly easier. Election Day is on November 5th, and early voting is still going on in several areas across the United States.
Numerous surveys in October indicated that Vice President Harris was the favorite to win the popular vote; however, the contest for the Electoral College between the Democratic nominee and Trump was virtually predetermined.