PANews reported on October 31 that according to The Block, the Blockchain Association released data showing that since Gary Gensler became the chairman of the U.S. Securities and Exchange Commission (SEC), the U.S. crypto industry has spent more than $400 million to deal with the agency's enforcement actions. This figure is based on self-reporting by members of the Blockchain Association, reflecting the huge compliance costs brought about by SEC enforcement and the potential damage to industry innovation and employment. The association's members include companies such as Ripple, Coinbase, Crypto.com, Grayscale and Kraken.
In addition, the survey conducted jointly by the association and HarrisX showed that about two-thirds of the voters surveyed believed that the SEC should wait for Congress to provide clearer regulatory guidance. Voters also have differences in party support for encryption innovation, with 34% believing that Republicans are more supportive of encryption innovation and 32% believing that Democrats are more supportive.
