Crypto industry spent over $400M on SEC defense – Blockchain Association
Crypto industry fights back against SEC
Cryptocurrency companies that are members of the Blockchain Association have spent over $400 million on legal defense in cases against the U.S. Securities and Exchange Commission (SEC), led by Chair Gary Gensler.
This information was reported on the official website of the nonprofit organization.
“According to data collected by HarrisX, the U.S. digital asset industry has spent over $400 million on defense against the SEC under Chair Gensler, resulting in countless losses of jobs, innovation, and investment in the U.S.,” stated the Blockchain Association.
It’s worth noting that the $400 million figure is far from complete, as it only accounts for Blockchain Association members. These include companies such as Ripple, Coinbase, Crypto.com, Grayscale, Kraken, and others.
Gary Gensler's Policy
Gary Gensler took office as Chair of the U.S. SEC in April 2021. Throughout his term, he has maintained that only Bitcoin is a commodity, while all other cryptocurrencies are securities.
Gensler has also insisted that all crypto companies register and comply with SEC regulations. Over the years, the SEC has filed multiple cases against major companies, including Coinbase and Kraken. Some in the crypto industry have resisted and filed counter-lawsuits against the agency.
As a reminder, Coinbase CEO Brian Armstrong previously called for radical changes at the SEC, stating that the next agency head should shift priorities to restore confidence in financial oversight.
