US SEC lawsuits cost the crypto industry $426 million

Experts from the Blockchain Association, an advocacy group for cryptocurrencies and blockchain, have estimated that litigation with the US Securities and Exchange Commission (SEC) has cost the crypto industry $426 million.

Since Gary Gensler took over as head of the agency in 2021, the SEC has brought a record 104 cases against digital asset and blockchain companies. Under Gensler's leadership, the SEC has filed lawsuits against Binance , Ripple , Coinbase and other major industry players.

The crypto industry and American voters are ready for change and fair play. The time for fighting our industry must end, and it starts with changing the leadership at the SEC, the Blockchain Association said in a statement.

The association representatives recalled that, in addition to money, “Gensler’s crusade against cryptocurrency innovation” has led to “immeasurable losses of jobs, innovation, and investment in U.S. technology.” That is why the Blockchain Association called on crypto market participants to support the change of leadership at the SEC. It is unknown which presidential candidate the association itself will support. However, both Donald Trump and Kamala Harris are considering possible replacements for Gensler.

Cryptocurrency is a hot election topic that could sway voters: No party currently “owns” the topic sufficiently, but voters say they are more likely to support candidates who champion digital asset innovation. Cryptocurrency voters make up 18% of the electorate and are the easiest to win over, according to the Blockchain Association.

The US presidential election will take place on November 5, but early voting is already underway in many American states.