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The Blockchain Association (BA) opposes the “regulation by enforcement” policy implemented in the crypto sector under SEC Chairman Gary Gensler’s leadership. Since Gensler took office in 2021, the lawsuits filed against digital assets have led to significant costs for the industry. According to BA’s updated “regulation by enforcement” page on October 31, it was revealed that in the last two years, crypto firms have spent at least $426 million in defense costs related to 104 lawsuits.
The Blockchain Association called for change in the SEC chairmanship, addressing American voters. According to BA’s statement, the sanctions imposed by Gensler have resulted in significant job losses, a decline in innovation, and a decrease in technology investments in the U.S. Kristin Smith, CEO of the Blockchain Association, urged crypto voters to support change within the SEC.
Call for Change in the Crypto Sector Ahead of 2024 Elections
As the 2024 U.S. elections approach, regulations for the crypto sector are expected to become a significant agenda item in campaign discussions. With growing criticism against Gensler, BA appealed to crypto users to vote for candidates who advocate for crypto-friendly policies. BA noted that 18% of voters in the U.S. identify as “crypto voters” and believes that candidates supporting innovation in the digital asset space will receive greater backing from voters.
In the U.S. presidential election, Republican candidate Donald Trump has stated that he would remove Gensler on his first day in office if elected, while there are indications that Democratic candidates are also working towards a change in the SEC chairmanship. Rumors suggest that current Vice President Kamala Harris is seeking alternative candidates to Gensler for a potential presidential term.
Election Day in the U.S. will take place on November 5, but early voting is ongoing in many states. According to recent polls, while Harris leads in the popular vote, a tight race is expected between Trump and Harris in the electoral college.
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