📢 Under Gensler's leadership, the SEC's strong actions against cryptocurrency companies have led to industry losses exceeding $426 million!
The Blockchain Association criticized the SEC's enforcement and regulatory strategies in its latest statement, highlighting a report in collaboration with HarrisX that shows the SEC initiated 104 lawsuits against cryptocurrency companies from 2021 to 2023, resulting in related companies incurring litigation costs of up to $426 million.
These lawsuits not only increased the economic burden on companies but also triggered unemployment issues, adversely affecting the U.S. economy.
In response, the Blockchain Association urged that it is time for change, giving cryptocurrency companies a fair chance. They believe that Gary Gensler's "legal war" must stop and called for a change in the SEC's leadership.
Under Gensler's supervision, the SEC has filed lawsuits and investigations against top blockchain companies such as Ripple, Binance, and Coinbase. These actions have resulted not only in financial losses but also in unemployment and investment losses, which are anti-innovation.
In this regard, Blockchain Association CEO Kristin Smith called on cryptocurrency users and developers on social media X to support the initiative to change the SEC leadership. However, she did not specify or indicate who they would assist in this election or which political organizations.
Additionally, Gensler has been a hot topic among cryptocurrency observers and presidential candidates in the U.S. Reports suggest that if Trump becomes president, Gensler will be fired. Meanwhile, Democrat Harris is considering replacing the embattled SEC chairman, looking for new leadership candidates.
The Blockchain Association also stated that cryptocurrency has become a key election issue and is not limited by political parties. Therefore, any candidate supporting digital asset innovation could win the favor of cryptocurrency voters.
It is estimated that 18% of the total voting population are cryptocurrency voters, making them capable of easily influencing election outcomes. The U.S. elections are scheduled for next Tuesday, but some states are already in early voting.
In conclusion, this regulatory battle is not just a legal issue; it also concerns the future of cryptocurrency and our rights as investors. Therefore, whether the SEC's strict regulation truly benefits the market or merely increases unnecessary burdens is a question worth our deep consideration.
