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The Blockchain Association has accused the U.S. Securities and Exchange Commission (SEC) of costing the cryptocurrency industry approximately $400 million since Gary Gensler took over as chair. The advocacy group argues that the SEC’s stringent regulatory actions have placed an immense financial burden on the sector, impacting innovation and growth within the U.S. crypto market.
According to the Blockchain Association, the SEC's enforcement-focused approach has led to significant legal expenses, compliance costs, and a slowdown in crypto development and investment. The association contends that instead of providing clear guidelines, the SEC has primarily pursued enforcement actions, leaving crypto companies struggling to navigate an uncertain regulatory landscape.
Kristin Smith, CEO of the Blockchain Association, highlighted the cumulative cost of SEC investigations, fines, and compliance efforts imposed on crypto firms. She criticized the SEC's approach as stifling rather than protective, stating that “the SEC’s enforcement-only stance has discouraged growth and pushed innovators out of the U.S. market.”
Under Gensler’s leadership, the SEC has maintained that its focus on enforcement is necessary to protect investors in an emerging and sometimes volatile industry. However, the Blockchain Association asserts that the industry needs regulatory clarity rather than punitive measures to foster responsible innovation and ensure the U.S. remains competitive in the global crypto market.
The association’s report adds fuel to the ongoing debate over the SEC's role in regulating digital assets. As the crypto industry continues to grow, stakeholders argue that a balanced approach is needed to safeguard investors without stifling technological advancement.
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Smart Contracts Driving Financial AutomationSmart contracts, self-executing contracts with the terms of the agreement directly written into code, are rapidly transforming the financial services industry. By automating processes like loan approvals, insurance claims, and derivatives trading, smart contracts eliminate the need for intermediaries, reduce errors, and accelerate transactions. This technological shift is making financial services more efficient, transparent, and cost-effective, with widespread implications for both businesses and consumers.From cutting-edge reports on scientific and technological innovation to The nuances of Daily life, The U.S. Daily Journal brings together the latest, hottest and deepest news content in the world, allowing you to always grasp the pulse of The Times and feel the changes in the world. No matter where you are, you can find interesting news here and experience the fun of reading.