The SEC’s tough stance on crypto is costing companies millions.
A group representing crypto companies says that firms have spent a whopping $426 million defending themselves against lawsuits filed by the US Securities and Exchange Commission (SEC). This is all thanks to the SEC’s aggressive approach under its current leader, Gary Gensler.
The SEC’s “Regulation by Enforcement” Approach
The Blockchain Association, a crypto lobby group, is calling out the SEC for its heavy-handed tactics. They say the SEC’s “regulation by enforcement” approach is hurting the entire crypto industry.
This isn’t just about legal fees. The group also points to job losses and a chilling effect on investment as a result of the SEC’s actions.
Gensler’s Actions Are Fueling Calls for Change
The Blockchain Association is calling for a change in leadership at the SEC. They believe that Gensler’s approach is unfair and stifles innovation.
The group has specifically targeted Gensler, accusing him of using “lawfare” – a tactic that involves using legal means to attack opponents.
Crypto Voters Could Swing the Election
The group is encouraging crypto users and developers to make their voices heard in the upcoming US elections. They believe that the next SEC leader will have a huge impact on the future of the crypto industry.
With an estimated 18% of voters being crypto users, the group believes that the candidate who supports innovation in digital assets will have a significant advantage.
The Future of the SEC
Gensler’s future at the SEC is uncertain. Some reports suggest he could be replaced if Donald Trump wins the presidency.
The Blockchain Association is making it clear that the crypto industry is watching closely and will be paying attention to how the candidates address the future of crypto regulation.
