Blockchain Association claims SEC’s crypto crackdown costs $426 million
Since 2021, 104 enforcement cases have been filed against digital asset companies.
The Blockchain Association, an advocacy group for cryptocurrency and blockchain, reported that the US Securities and Exchange Commission (SEC) has cost crypto firms over $426 million in legal expenses since Gary Gensler became chair. According to the group, SEC actions against digital asset companies have increased since 2021, with 104 cases filed over two years. Industry leaders argue that this ‘regulation by enforcement’ approach has hindered growth and cost jobs.
Calling for change, the Blockchain Association stated that voters want fair regulations and an end to what it describes as the SEC’s “anti-innovation crypto crusade.” The association’s CEO, Kristin Smith, urged the public to support new SEC leadership, echoing complaints from other industry advocates and some lawmakers about Gensler’s strict approach.
The association further hinted that crypto could play a significant role in the upcoming election, with 18% of voters reportedly open to supporting candidates favouring digital asset innovation. As Election Day nears, political parties may increasingly see crypto regulation as a key issue in attracting undecided voters.
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