As a seasoned crypto investor with a decade of experience navigating this dynamic landscape, I find myself increasingly concerned about the current state of affairs at the SEC under Chairman Gensler. The staggering figure of $426 million in litigation costs alone is a stark reminder of the heavy burden that the crypto industry has been made to bear.
According to the Blockchain Association, a group promoting cryptocurrencies and blockchain technology, companies have lost approximately $426 million due to legal disputes related to digital assets since Gary Gensler became the chairman of the United States Securities and Exchange Commission (SEC).
On October 31st, the Blockchain Association (BA) posted an update to its “regulation through enforcement” page, indicating that the Securities and Exchange Commission (SEC) had filed 104 cases involving the crypto industry from 2021 to 2023. The BA explained that these figures were based on self-reported data from member companies, a relatively small part of the overall industry. The Association stated that these firms collectively spent approximately $426 million on legal defense expenses as a result of these regulatory actions.
The BA stated, “It’s time for a fresh start and fair opportunities in our sector, as well as among American voters.” He also emphasized that the era of legal battles against our industry should cease. This transformation commences with new leadership at the Securities and Exchange Commission (SEC).
Critics, including industry advocates and U.S. lawmakers, have frequently criticized the SEC chair for adopting a “regulation through enforcement” strategy towards cryptocurrencies since taking office in 2021. Under Gensler’s leadership, the commission has taken enforcement actions against Binance, Ripple, Coinbase, and numerous other companies within the crypto sector.
According to the BA, on X they asserted that aside from financial losses, Gary Gensler’s perceived “anti-innovation crypto campaign” led to an immense decrease in employment opportunities, technological advancements, and American tech investments. The association, headed by CEO Kristin Smith, urged crypto enthusiasts to advocate for a shift in leadership at the Securities and Exchange Commission (SEC).
Moving voters in the 2024 election?
In the 2024 SEC leadership change, neither the organization nor Smith explicitly stated which political candidates they’d back among those running.
Donald Trump, a Republican, stated that he would dismiss Gensler as soon as he takes office, should he be elected. Meanwhile, it’s been speculated that Kamala Harris, the Democratic Vice President, might be looking at potential successors for the position of SEC chairman.
The BA stated that Cryptocurrency has become a pivotal, undecided topic in elections, with the potential to influence voter decisions. No political party has yet claimed ownership over this matter, but candidates who endorse innovations within the digital assets sector might gain more voter support. Remarkably, 18% of voters are particularly swayed by a candidate’s stance on crypto-related issues.
In multiple U.S. states, early voting continues up until November 5th, which is Election Day. As of October, several surveys indicated that Vice President Harris had the lead in the popular vote, but the contest for the Electoral College was essentially a tie between the Democratic candidate and Trump.
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2024-10-31 23:47