ChainCatcher reported that according to Fortune, Kristin Smith, executive director of the Blockchain Association, commented that the U.S. Securities and Exchange Commission (SEC)'s regulatory actions on the crypto industry have caused U.S. companies to pay more than $400 million in legal defense costs. This data highlights the excessive regulation of the crypto industry during the term of SEC Chairman Gary Gensler.
According to the latest poll by the Blockchain Association and HarrisX, two-thirds of voters support Congress rather than unelected regulators to set crypto market rules. It is worth noting that the crypto industry targeted by the SEC only accounts for 0.25% of the global market, but its enforcement actions have led to the transfer of innovation, employment opportunities and economic development overseas.
The Blockchain Association stressed that the SEC's defeat in the Ripple case and other major setbacks highlight the flaws of the "regulation through enforcement" strategy. The Association called on Gensler to immediately cease enforcement actions against crypto companies and instead focus on an orderly transition so that its successor can implement a regulatory framework that is consistent with Congressional intent and market realities.