The Blockchain Association has voiced strong criticism of the U.S. Securities and Exchange Commission (SEC), claiming that the regulatory body’s approach under Chair Gary Gensler has stifled the cryptocurrency industry’s growth. Since Gensler’s appointment in 2021, the SEC has initiated 104 legal actions against crypto firms, resulting in over $426 million in legal costs for these companies. This “regulation by enforcement” strategy, according to the association, has not only curbed industry development but also led to significant job losses.
Kristin Smith, CEO of the Blockchain Association, is spearheading a campaign for more balanced regulations that support innovation in the digital assets space. She emphasized the need for new leadership at the SEC to foster a more innovation-friendly environment. This call for change comes at a time when digital asset regulation is emerging as a pivotal issue in U.S. elections, with 18% of voters reportedly willing to back candidates who prioritize cryptocurrency innovation. As the election approaches, the stance on crypto regulations is increasingly becoming a factor for undecided voters, suggesting significant political implications.
