According to the Blockchain Association, an advocacy group for players in the cryptocurrency and blockchain industry, the actions taken by the Securities and Exchange Commission would have caused these companies to lose several hundred million dollars.
Crypto Firms Reportedly Spending $400 Million to Respond to SEC Actions
This Thursday, the Blockchain Association, a group defending the interests of the cryptocurrency industry, accompanied by the market research company HarrisX, revealed a survey on how the American population perceives the SEC and the crypto ecosystem.
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Member companies of the Blockchain Association, including Ripple, Coinbase, Crypto.com, Grayscale and Kraken, y claim to have spent several hundred million dollars to respond to repressive measures taken by the Securities and Exchange Commission (SEC) :
According to self-reported figures collected, anonymized and aggregated by HarrisX, the US cryptocurrency and blockchain industry spent more than $400 million to defend against SEC Chairman Gary Genslerwith incalculable losses of American jobs, innovation and investment.
In its report, Blockchain Association states that “ costs incurred by investors due to fraud and other abuses in crypto markets far exceed the costs paid by cryptocurrency companies to defend their non-compliance with securities laws “.
Thus, the association is particularly targeting the policy of Gary Gensler, president of the SEC since April 2021. The latter is known for carrying out repressive actions against companies in the crypto industry.
Measures judged often drastic by part of the crypto ecosystem and even by the Republican candidate for the White House, Donald Trump, who said he wanted to fire him the minute he was elected.
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A survey also focused on American voters and their relationship with cryptocurrencies
On the social network X, Paul Grewal, the legal director of Coinbase, took the liberty of reacting to the survey carried out by the Blockchain Association and HarrisX. “ These dollars [les 400 millions de dollars dépensés par les acteurs de l’industrie crypto, NDLR] are yours, mine, all of us. Think about it when you clock in, think about it when you file your taxes, and think about it when you go to vote,” he declared.
At the same time, Blockchain Association and HarrisX carried out an online survey focused on cryptocurrency regulation and voters' relationship with this sector. The investigation reveals that 2 thirds of voters believe that the SEC “ should await clearer guidance from the United States Congress » before carrying out its repressive measures.
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On the other hand, the panel is more divided on political party who they think is most likely to support innovation in the blockchain and cryptocurrency sector. The voters surveyed also came to the conclusion that no party does not consider digital assets or cryptocurrencies as an electoral issue ».
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Source: Blockchain Association
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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