The Blockchain Association, a cryptocurrency and blockchain advocacy group, reported that the United States Securities and Exchange Commission had cost companies at least $426 million in litigation involving digital assets since Gary Gensler took over as chair.
In an Oct. 31 update to its “regulation by enforcement” page, the Blockchain Association (BA) reported that the SEC had brought 104 cases against the crypto industry from 2021 to 2023. According to the association, self-reported data by BA member companies — a “small slice of the industry” — suggested that crypto firms had spent $426 million in “defensive litigation” against the regulator.
“The industry – and the American voter – is ready for change and a fair shot,” said the BA. “The time of law-fare against our industry must end. That begins with a change of leadership at the SEC.”
Many industry advocates and US lawmakers have criticized the SEC chair for a “regulation by enforcement” approach to crypto since assuming leadership in 2021. Under Gensler, the commission has filed enforcement actions against Binance, Ripple, Coinbase and several other firms.
