Blockchain Association, a crypto-focused lobby group, announced that crypto firms have spent around $426 million fighting lawsuits filed by the US Securities and Exchange Commission (SEC) under its chief, Gary Gensler.
In its October thirty first report, in partnership with HarrisX, the group criticized the agency for its “regulation by enforcement” approach, which impacts the entire crypto industry. Along with the prices of fighting the complaints and cases, the Blockchain Association also noted the lack of jobs, which trickle all the way down to the economy.
SEC’s Costly Approach
The Blockchain Association has partnered with HarrisX, a research and analytics company, to spotlight the industry’s ongoing problems and issues. In the identical press release, the group noted that the US agency has filed 104 cases against crypto firms from 2021 to 2023, while Gensler was the agency’s chairman.
Source: Blockchain Association
Based on data reported by its members, they said expenses amounted to $426 million because of defensive litigation.
Based on the group, it’s time for a change and to present cryptocurrency firms a good 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 step one.
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 motion. Under Gensler’s watch, the agency has filed cases and inquiries against top blockchain firms equivalent to Ripple, Binance, and Coinbase.
Source: Blockchain Association
Except for the loss of cash, Gensler’s approach has been anti-innovation, which resulted within the lack of jobs and investments. In one other Twitter/X post, the group’s CEO, Kristin Smith, encouraged digital currency users and developers to support the decision for change in leadership. Her post didn’t specify or discover any names or political organizations that they might assist in this election.
BTCUSD trading at $70,125 on the every day chart: TradingView.com
US Elections To Shape Next SEC Policies?
Gensler’s future has been a hot topic not only for crypto watchers but additionally for the US presidential candidates. Reports have it that he’ll get the boot once Donald Trump becomes the president. The Democrat Kamala Harris, then again, will probably be searching for a possible alternative for the embattled head.
Source: Blockchain Association
Blockchain Association says cryptocurrency is an important election issue that may sway voters. No party controls this issue, shared the group, and the candidate that supports innovation in digital assets will likely get the support of crypto voters.
Based on estimates, 18% of the full voting population are crypto voters, and so they can easily influence the outcomes of the elections. The US elections are set for next Tuesday, but some states are having their early voting.
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