Blockchain Association Urges Gary Gensler to Stop Crypto Enforcement Actions

Kristin Smith, executive director of the Blockchain Association, commented that the Securities Exchange Commission's (SEC) regulatory actions against the crypto industry have caused U.S. businesses to pay more than $400 million in legal defense costs. The data highlights the excessive regulation of the crypto industry during the tenure of SEC Chairperson Gary Gensler.
According to a recent poll by the Blockchain Association and HarrisX, two-thirds of voters support having Congress, rather than an unelected regulator, set the rules for the crypto market. Notably, the crypto industry targeted by the SEC represents only 0.25% of the global market, but its enforcement actions have caused innovation, jobs, and economic development to shift overseas.
The Blockchain Association emphasized that the SEC's loss in the Ripple case, along with other major setbacks, highlighted the flaws in the "regulation through enforcement" strategy. The association called on Gensler to immediately cease enforcement actions against crypto businesses and instead focus on an orderly transition so that his successor can implement a regulatory framework that is consistent with congressional intent and market realities.