According to Foresight News, Blockchain Association Executive Director Kristin Smith has called on SEC Chairman Gary Gensler to immediately cease enforcement actions against cryptocurrency companies. Smith advocates for a focus on a structured transition that would allow Gensler's successor to implement a regulatory framework aligned with congressional intent and market realities. She highlighted that the U.S. Securities and Exchange Commission's (SEC) regulatory actions have resulted in American companies incurring over $400 million in legal defense costs. This figure underscores the excessive regulation of the crypto industry during Gensler's tenure.
A recent poll conducted by the Blockchain Association and HarrisX reveals that two-thirds of voters support Congress, rather than unelected regulatory bodies, in establishing rules for the cryptocurrency market. It is noteworthy that the crypto industry targeted by the SEC represents only 0.25% of the global market. However, the enforcement actions have led to the migration of innovation, job opportunities, and economic development overseas.
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