The Blockchain Association, a lobby group focused on cryptocurrencies, announced that cryptocurrency companies spent about $426 million fighting lawsuits filed by the US Securities and Exchange Commission (SEC) under its chairman, Gary Gensler.
In its October 31 report, in partnership with HarrisX, the group criticized the agency for what it did “Organization through implementation” An approach that affects the entire crypto industry. In addition to the costs of combating complaints and lawsuits, the Blockchain Association has also noted job losses, which is impacting the economy.
The SEC’s costly approach
The Blockchain Association has partnered with HarrisX, a research and analytics company, to highlight ongoing problems and issues in the industry. In the same press release, the group noted that the US agency filed 104 cases against cryptocurrency companies from 2021 to 2023, while Gensler was head of the agency.
Source: Blockchain Association
Based on data reported by its members, they said expenses amounted to $426 million due to defense claims.
According to the group, it is time for change and giving Cryptocurrency Fair shot group. The group called Gensler’s approach “law fare,” a practice that must end. The group said changing the agency’s leadership is the first step.
The SEC’s strict regulation of cryptocurrencies is now an election issue
The press release also called for a change in leadership by motivating crypto voters to take action. Under Gensler’s supervision, the agency has filed cases and inquiries against major blockchain companies such as Ripple, Binance, and Coinbase.
Source: Blockchain Association
Aside from losing money, Gensler’s approach was anti-innovation, resulting in lost jobs and investment. In another post on Twitter/X, Christine Smith, the group’s CEO, encouraged cryptocurrency users and developers to support the call for a change in leadership. Her post did not identify or specify any names or political organizations that could help her in these elections.
BTCUSD trading at $70,125 on the daily chart: TradingView.com
Will the US election shape the SEC’s next policies?
Gensler’s future has been a hot topic not only for cryptocurrency watchers but also for US presidential candidates. Reports indicate that he will get the shoe once Donald Trump becomes president. On the other hand, Democrat Kamala Harris will search for a possible replacement for the beleaguered head.
Source: Blockchain Association
The Blockchain Association says cryptocurrency is a crucial election issue that could influence voters. Neither party has controlled this issue, and a candidate who supports innovation in digital assets is more likely to gain support from cryptocurrency voters.
According to estimates, 18% of the total number of voters are crypto voters, and they can easily influence the election results. The US election is scheduled for next Tuesday, but some states are holding their early voting.
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