Blockchain Association Reveals $400 Million Spent by Firms on SEC Enforcement Actions

The Blockchain Association disclosed that its member firms have collectively spent $400 million in costs related to enforcement actions by the U.S. Securities and Exchange Commission (SEC) under Chair Gary Gensler.

This figure, based on a survey conducted with HarrisX, represents a fraction of the broader financial impact on the digital asset industry, which includes job losses and stifled innovation.

Since taking office in April 2021, Gensler has classified most cryptocurrencies as securities, leading to numerous enforcement actions against major companies like Coinbase and Kraken.

Some firms have responded by filing their own legal challenges against the SEC.

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The survey of 1,717 registered voters, conducted from October 25 to 28, found that two-thirds believe the SEC should wait for clearer congressional guidelines before proceeding with enforcement.

It also revealed that voters do not consider digital assets a partisan issue, with support for innovation divided between the GOP and Democrats.

Alexander Stefanov