The Blockchain Association, a leading crypto advocacy group, reported that its members have collectively spent more than $400 million addressing enforcement actions initiated by the U.S. Securities and Exchange Commission (SEC) led by Gary Gensler.
In an Oct. 31 statement, the association highlighted that Gensler’s SEC has filed 104 enforcement actions against crypto sector players. These actions have forced industry members to spend an estimated $426 million on legal defense against these regulatory challenges.
The Blockchain Association clarified that these expenses were self-reported by members and represent only a fraction of the industry. The group’s members include prominent names like Ripple, Coinbase, Grayscale, Crypto.com, Paradigm and Kraken – most of whom are still embroiled in legal battles with the SEC.
In addition to financial burdens, the SEC’s aggressive approach has also led to significant job losses, stifled innovation, and reduced U.S. investment.
Blockchain Association CEO Kristin Smith criticized the SEC’s enforcement-focused approach, saying it undermines the U.S. position in global technology leadership while failing to protect the U.S. investors the agency is designed to serve .
Calls for regulatory clarity
Meanwhile, the advocacy group also conducted a national survey of HarrisX from October 25 to 28, gathering input from 1,717 registered voters.
According to the group, polling data showed that there is a general feeling among voters that the US has taken a misguided approach to crypto regulation. A significant majority indicated a preference for clear rules over enforcement-oriented regulations, by a two-to-one margin.
Furthermore, the survey found that two-thirds of voters believe the SEC should delay further action until Congress provides clearer guidance that better protects the industry.
When asked about their political beliefs, voters indicated that no party “owns” crypto or digital assets as a campaign issue. Participants were split on which party would better support digital asset innovation, with a slight preference for Republicans (34%), compared to 32% for Democrats.
HarrisX’s Chief Commercial Officer Alex Chizhik said:
“Crypto owners and the crypto industry are not against regulation. They are against being singled out by a regulator who wants to score political points. They oppose slowing innovation at the expense of American jobs and the future strength of the industry.”
