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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.