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The US. Securities and Exchange Commission's (SEC) enforcement approach, often dubbed "regulation by enforcement," has imposed significant financial burdens on the crypto industry, with costs surpassing $400 million. 

This figure, reported by the Blockchain Association, highlights the extensive impact of enforcement actions since Chair Gary Gensler assumed office in April 2021. The report further states that the SEC has initiated more than 100 enforcement actions against digital asset companies during this period.

The Blockchain Association, together with HarrisX, revealed that over $400 million has been spent by the crypto industry to defend against these actions. This substantial amount reflects data from a sample of Blockchain Association members and underscores the broader economic repercussions, including job losses, decreased innovation, and reduced U.S. technology investments.

A national survey conducted by HarrisX found that two-thirds of voters believe the SEC should await clearer guidelines from Congress before taking further enforcement actions. The survey also indicated that 18% of voters are crypto enthusiasts, who tend to support candidates advocating for innovation in the digital asset sector.

Kristin Smith, CEO of the Blockchain Association, commented on the findings, stating that the SEC's current approach is detrimental to America's technological leadership and fails to protect the investors the SEC aims to serve. The association is pushing for a leadership change at the SEC and calls for comprehensive digital asset legislation from Congress.

The report emphasizes the urgent need for clear regulations that encourage innovation while safeguarding investors in the rapidly evolving cryptocurrency market.