Blockchain Association, a crypto-focused lobby group, announced that crypto companies have spent around $426 million fighting lawsuits filed by the US Securities and Exchange Commission (SEC) under its chief, Gary Gensler.
In its October 31st report, in partnership with HarrisX, the group criticized the agency for its “regulation by enforcement” approach, which impacts the whole crypto industry. In addition to the costs of fighting the complaints and cases, the Blockchain Association also noted the loss of jobs, which trickle down to the economy
SEC’s Costly Approach
The Blockchain Association has partnered with HarrisX, a research and analytics company, to highlight the industry’s ongoing problems and issues. In the same press release, the group noted that the US agency has filed 104 cases against crypto companies from 2021 to 2023, while Gensler was the agency’s chairman.
Based on data reported by its members, they said expenses amounted to $426 million due to defensive litigation.
According to the group, it’s time for a change and to give cryptocurrency companies a fair shot. The group called Gensler’s approach a “law-fare,” a practice that must end. The group said that changing the agency’s leadership is the first step.
SEC’s Aggressive Regulation On Crypto Now An Election Issue
The press release also advocated for a change in leadership by motivating crypto voters to take action. Under Gensler’s watch, the agency has filed cases and inquiries against top blockchain companies such as Ripple, Binance, and Coinbase.$BTC
Aside from the loss of money, Gensler’s approach has been anti-innovation, which resulted in the loss of jobs and investments. In another Twitter/X post, the group’s CEO, Kristin Smith, encouraged digital currency users and developers to support the call for change in leadership. Her post did not specify or identify any names or political organizations that they would help in this election.
