SEC crackdown causes cryptocurrency companies to lose $426 million

Golden Finance reported that the blockchain association, a lobbying group focused on Crypto Assets, announced that Crypto Assets companies have spent about $426 million to fight the lawsuit initiated by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). In the report, the blockchain association criticized the agency’s ‘law enforcement supervision’ approach, which has affected the entire encryption industry. In addition to the cost of dealing with complaints and cases, the blockchain association also pointed out the issue of unemployment, which will have a negative impact on the economy.