tl;dr
The Blockchain Association's member firms claim $400 million in costs from SEC enforcement actions under Chair Gary Gensler, impacting jobs, innovation, and U.S. investment. Gensler views most cryptocurrencies as securities and urges compliance. SEC cases against Coinbase and Kraken have led to lega...
The Blockchain Association's member firms claim to have incurred $400 million in costs related to enforcement actions by the U.S. Securities and Exchange Commission (SEC) under Chair Gary Gensler. According to the association, this spending has had undisclosed negative impacts on jobs, innovation, and U.S. investment in the digital asset industry. The represented members include prominent entities such as Ripple, Coinbase, Crypto.com, Grayscale, and Kraken.
Since assuming the chairmanship in April 2021, Gary Gensler has emphasized his view that most cryptocurrencies are securities and has urged crypto firms to register and comply with the SEC's regulations. The SEC has initiated multiple cases against major firms including Coinbase and Kraken. In response, some within the crypto industry have pursued legal action against the agency.
Coinbase's Chief Legal Officer, Paul Grewal, highlighted the significance of the $400 million spending, urging industry participants to consider its implications when partaking in daily activities, filling out tax forms, and voting.
A survey conducted by the Blockchain Association and HarrisX revealed that two-thirds of voters believe the SEC should await clearer guidelines from Congress before proceeding with crypto regulation. Additionally, the survey indicated that no single political party has ownership over digital assets or cryptocurrency as an election issue, with voters split in their perceptions of which party is more likely to support innovation in digital assets, favoring the GOP by 34% over the Democrats at 32%.
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