- According to the advocacy group, the $400 million number represents a “small slice of the industry” because it comes from a sample of members of the Blockchain Association.
- Over the years, the SEC has filed several lawsuits against large companies, including as Coinbase, Kraken, and others.
Member companies of the Blockchain Association claim to have incurred $400 million in fees related to enforcement actions initiated by the U.S. Securities and Exchange Commission, which is chaired by Gary Gensler.
Along with other survey results on U.S. voters’ perceptions of the SEC and cryptocurrency, the advocacy organization revealed the number on Thursday in collaboration with global markets research firm HarrisX.
The U.S. digital asset market has lost countless jobs, innovations, and U.S. investment while spending over $400 million defending itself against Chair Gensler’s SEC, according to self-reported data gathered, anonymised, and combined by HarrisX.
Since the $400 million figure comes from a sampling of Blockchain Association members, the advocacy group stated it represents a small portion of the business. Among those in the group are Ripple, Coinbase, Crypto.com, Grayscale, and Kraken.
Since taking office as chairman of the SEC in April 2021, Gensler has maintained that the majority of cryptocurrencies are securities and that companies involved in the industry must register and abide by the agency’s regulations.
Over the years, the SEC has filed numerous lawsuits against large companies, such as Coinbase, Kraken, and others. According to a recent analysis by the U.S. Federal Bureau of Investigations, another agency, losses related to cryptocurrency have increased by 45% since 2022.
Because the regulations were created for more conventional organizations that are not the same as the digital asset market, some members of the crypto industry have retaliated by claiming that it is impossible to register with the agency. Recently, a few cryptocurrency companies have also filed lawsuits against the organization.
Paul Grewal, the chief legal officer at Coinbase, shared the advocacy group’s survey on X on Thursday.
You own those dollars. mine. Every one of us. When you punch in, keep it in mind. When completing your tax forms, keep it in mind. And when you cast your ballot, keep it in mind.
Findings from the survey
From October 25 to 28, this year, 1,717 registered voters nationwide participated in an online survey on crypto regulation and enforcement conducted by the Blockchain Association and HarrisX.
According to the survey, two-thirds of respondents think the SEC should hold off until Congress provides more precise instructions. Although they have not yet been signed into law, lawmakers in Washington are drafting legislation that will regulate the cryptocurrency sector generally and develop regulations particularly for stablecoins.
As an electoral issue, voters also concluded that no party controls cryptocurrency or digital assets.
Voters are split between the GOP (34%) and Democrats (32%), with the former being more likely to favor innovation in digital assets than the latter.
An SEC representative cited expenses incurred by investors.
The expenses incurred by cryptocurrency companies to justify their noncompliance with securities regulations are greatly outweighed by the costs to investors of fraud and other abuses in the cryptocurrency markets.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
