Malaya Ruiz
The U.S. Securities and Exchange Commission (SEC) has spent over $400 million in litigation costs as part of its ongoing crypto crackdown, according to a recent report by the Blockchain Association.
Under the leadership of Chair Gary Gensler, known for his aggressive stance on cryptocurrency regulation, the SEC has intensified its efforts to impose stricter oversight on the digital asset market. Gensler’s commitment to safeguarding investors and establishing a regulatory framework for cryptocurrencies has sparked significant debate. It has consistently raised questions about the effectiveness and financial implications of such a costly endeavor in the crypto sector.
The report sourced data from intelligence platform HarrisX, which surveyed U.S. voters, business decision-makers, and cryptocurrency voters. It aimed to understand their views on the digital asset landscape and the SEC’s regulatory actions.
The report revealed that the SEC, under Gensler, has taken action against a record 104 entities in the digital asset sector. Voter preference shows a clear desire for defined rules over enforcement, with a two-to-one ratio. Consequently, this highlights the crypto community’s demand for clear SEC guidelines instead of vague enforcement practices.
The survey showed that no political party “owns” the crypto issue. However, voters are more inclined to back candidates that promote innovation in digital assets. Notably, crypto voters constitute 18% of the electorate and are more open to supporting candidates who oppose the undefined actions of the SEC.
Gensler’s Controversial Reign Faces Potential Legal Reckoning
Crypto analyst MartyParty holds the view that Gensler will face substantial legal challenges from the industry. He believes that numerous class action civil suits will likely follow his departure from office. He also argues that Gensler cannot evade the consequences of his “misuse of power.”
The Blockchain Association says the @SECGov has cost the crypto industry $400 million since Gary Gensler became chair.
— MartyParty (@martypartymusic) October 31, 2024
IMO: He will be sued heavily by industry and class action civil suits post office.
You don’t get away with this type of misuse of power.
Not a single…
Kristin Smith, CEO of Blockchain Association, offered her insights on the matter in a statement on X. “The SEC’s regulation-by-enforcement approach is harming the United States’ global tech leadership—and failing the American investor the SEC is mandated to protect,” she said. She emphasized that the organization remains committed to its mission. It will advocate for its members through legal means and public discussions, aiming to maximize the potential of crypto and blockchain in the U.S. “That begins with a change of leadership,” Smith added.
Paul Grewal, chief legal officer of Coinbase, chimed in to remind the crypto community that the SEC effectively sourced its more than $400 million funding for its anti-crypto crusade from them. He urged individuals to keep this in mind when they log their work hours, file their taxes, and, crucially, when they head to the polls.
Read More
- M2 Thwarts $13.7 Million Crypto Heist, Recovers Funds in Minutes
- The Rise of the Crypto Influencers: Are Whitepapers Losing Their Grip?
- ShibaSwap 2.0: Maximize Your Earnings
Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
