In a recent post on social media platform
Winklevoss and his brother Taylor had previously spoken publicly Supported Former President Donald Trump donated $1 million in Bitcoin to his re-election campaign.
Regulatory concerns are pushing cryptocurrency companies out of the United States
Winklevoss Highlight The significant financial losses imposed by the Harris-Biden administration on the cryptocurrency sector, claiming that legal fees reached $500 million.
This number reflects ongoing scrutiny by the US Securities and Exchange Commission (SEC), which continued Lawsuits It has issued Wales notices to several major players in the industry, including Binance, Ripple, and Coinbase.
As a result, many companies have incurred significant legal expenses while defending against regulatory actions, raising concerns about the administration’s approach to regulating cryptocurrencies.
The co-founder expressed concern about Kamala Harris’ potential rise to the presidency, noting that her administration could perpetuate the current rule. Regulatory landscape It is characterized by implementation, not direction.
“Vote for Trump and that spending on legal fees will go to zero dollars,” Winklevoss stated. Vote for Harris and that number will rise into the billions.”
Cameron Winklevoss’s comments sparked reactions from many industry experts, underscoring the broader implications of regulatory strategies on innovation and growth within the sector.
Wayne Vaughan, a Bitcoin advocate and co-founder of the Tierion blockchain, echoed Winklevoss’ concerns, saying: confirmation That legal fees are only part of the damage.
Vaughan noted that many companies have left the US or abandoned product development due to concerns about regulatory repercussions, reflecting growing frustration within the cryptocurrency community regarding perceived hostility from US regulators.
On the other hand, James Murphy, a securities lawyer and long-time supporter of the digital assets sector, commented: suggestion Winklevoss’s estimate of $500 million in legal costs may be conservative.
Murphy noted that this figure does not take into account settlements paid to the SEC by projects unable to withstand long legal battles, illustrating the financial pressure on the industry.
Blockchain Association calls for leadership change at SEC
Formerly Bitcoinist I mentioned According to a report by the Blockchain Association, a lobby group focused on cryptocurrencies, the cumulative cost to cryptocurrency companies fighting SEC lawsuits over the past few years has reached about $426 million.
This report, published on October 31, criticized the SEC’s “regulation by enforcement” approach, which it argues stifles innovation and economic growth. The association highlighted not only… Legal expenses But also job losses resulting from the regulatory environment.
The Blockchain Association has called for a leadership change at the SEC, framing the current regulatory strategy as a form of “lawfare” that undermines the potential of the cryptocurrency industry.
Christine Smith, the group’s CEO, urged cryptocurrency users and developers to call for a change in leadership, though she did not specify any political affiliations or candidates in her message.
Featured image of DALL-E, chart from TradingView.com
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