The Blockchain Association, a crypto-focused lobby group, has announced that crypto companies have spent nearly $426 million fighting lawsuits filed by the US Securities and Exchange Commission (SEC) under its CEO, Gary Gensler.
In its October 31 report, in collaboration with HarrisX, the group criticized the agency for its “coercive regulatory” approach, which affects the entire crypto industry. In addition to the costs of fighting complaints and lawsuits, the Blockchain Association also noted the loss of jobs, which falls to the bottom of the economy.
The Expensive Method of the SEC
The Blockchain Association has partnered with HarrisX, a research and analytics company, to highlight the industry’s ongoing issues and problems. In the same press release, the group noted that the US agency filed 104 cases against crypto companies from 2021 to 2023, and Gensler was the agency’s chairman.
Source: Blockchain Association
Based on data reported by its members, they say the cost is up to $426 million due to defense lawsuits.
According to the group, it’s time for a change and give cryptocurrency companies a proper shot. The group called Gensler’s approach “money laundering,” a practice that must end. This group said that changing the leadership of this organization is the first step.
The SEC’s Aggressive Regulation On Crypto Is Now An Election Issue
The press release also encouraged a change in leadership by motivating crypto voters to take action. Under Gensler’s watch, the agency has filed lawsuits and inquiries against top blockchain companies such as Ripple, Binance, and Coinbase.
Source: Blockchain Association
Besides losing money, Gensler’s approach is against innovation, which has led to the loss of jobs and investment. In another Twitter/X post, the group’s CEO, Kristin Smith, encouraged digital currency users and developers to support the call for a change in leadership. His post did not specify or identify any names or political organizations that will help in this election.
BTCUSD trading at $70,125 on the daily chart: TradingView.com
US Elections to Shape Next SEC Policies?
Gensler’s future has become a hot topic not only for crypto watchers but also for US presidential candidates. Reports say he will get the boot if Donald Trump becomes president. On the other hand, Democrat Kamala Harris, will be looking for a replacement for the conflicted head.
Source: Blockchain Association
The Blockchain Association says cryptocurrency is a key election issue that could sway voters. No party is in control of this issue, shared by the party, and a candidate who supports the creation of a digital asset will likely receive support from crypto voters.
According to estimates, 18% of the voting population are crypto voters, and they can easily influence the election results. The US election is scheduled for next Tuesday, but some states will vote early.
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