Since 2021, 104 lawsuits have been filed against digital asset companies.
The Blockchain Association, a cryptocurrency and blockchain advocacy group, reported that the U.S. Securities and Exchange Commission (SEC) has cost crypto companies more than $426 million in legal fees since Gary Gensler became president. According to the group, SEC actions against digital asset companies have increased since 2021, with 104 cases filed over two years. Industry executives say this “regulation by enforcement” approach has hindered growth and cost jobs.
Calling for change, the Blockchain Association said voters want fair regulation and an end to what it describes as the SEC’s “anti-innovation crypto crusade.” The association’s CEO, Kristin Smith, urged the public to support the SEC’s new direction, echoing complaints from other industry advocates and some lawmakers about Gensler’s strict approach.
The association further hinted that crypto could play an important role in the upcoming elections, with 18% of voters willing to support candidates in favor of digital asset innovation. As election day approaches, political parties may increasingly view crypto regulation as a key element in attracting undecided voters.
