According to data disclosed by the Blockchain Association, since Gary Gensler became the chairman of the US SEC, the US crypto industry has spent over $400 million to respond to the agency's enforcement actions. The Securities and Exchange Commission has filed lawsuits against some large crypto companies during this period, including Coinbase and Kraken. It is reported that this $400 million figure is based on self-reported data from members of the Blockchain Association, reflecting the huge compliance costs and potential damage to industry innovation and employment brought about by SEC enforcement. The members of this association include companies such as Ripple, Coinbase, Crypto.com, Grayscale, and Kraken.

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