Immeasurable Loss of Jobs, Innovation, and U.S. Tech Investment
Washington, D.C. (Oct. 31, 2024) – Today, Blockchain Association, in partnership with HarrisX, released public perception polling and findings on the economic cost of the Securities and Exchange Commission’s “regulation by enforcement” approach to the U.S. digital asset industry under Chair Gary Gensler’s leadership.
Key findings are presented on www.RegulationbyEnforcement.com.
A targeted industry.
Under Chair Gensler’s SEC, the digital asset industry found itself an outsized target of a hostile SEC, receiving more than 100 enforcement actions through 2023. According to polling, more voters believe that the U.S. has taken the wrong rather than right approach toward crypto and that the SEC has been too heavy handed – voters prefer clear rules and regulation over enforcement by a factor of two-to-one.
Fighting back.
According to self-reported figures collected, anonymized, and aggregated by HarrisX, the U.S. digital asset industry has spent more than 400 million dollars defending itself against Chair Gensler’s SEC, with untold losses of jobs, innovation, and U.S. investment. Importantly, this only represents a small slice of the industry – figures self-reported by a sample of Blockchain Association members only. Many of the cases the industry is embattled in are far from over, and will only result in a greater waste of resources as they drag on.
Time for change.
It’s clear the American investor – the American voter – is eager for a leadership change at the SEC. Importantly, Congress must act to implement comprehensive digital asset legislation. According to today’s polling, two-thirds of voters agree the SEC should wait for clearer guidelines from Congress.
Crypto is an up-for-grabs election issue.
Neither political party currently “owns” the crypto issue, but voters say they are more likely to support and back candidates who encourage innovation in the digital asset space. In fact, crypto voters make up 18% of the electorate and are even more winnable than other voters on issues concerning an overreaching SEC.
“The SEC’s regulation-by-enforcement approach is harming the United States’s global tech leadership – and failing the American investor the SEC is mandated to protect,” said Blockchain Association CEO Kristin Smith. “Our mission at Blockchain Association is steadfast. We will continue to fight on behalf of our members – in Washington, through legal action, and in the court of public opinion – to ensure the United States becomes a place where the full potential of crypto and blockchain technology can be realized. That begins with a change of leadership at the SEC.”
Alex Chizhik, Chief Commercial Officer of HarrisX, added, “The data are clear: Crypto owners and the crypto industry are not against regulation. They are against being singled out by a regulator aiming to score political points. They are against innovation being stiffed at the expense of American jobs and the future strength of the industry. Our analysis of the SEC’s action clearly shows undue penalties and an undue focus on this specific industry.”
The full polling results can be viewed here.
About Blockchain Association: Blockchain Association is the leading nonprofit organization dedicated to promoting a pro-innovation policy environment for the digital asset economy. We work with our members to educate policymakers about blockchain technology and its ability to pave the way for a more secure, competitive, and consumer-friendly digital marketplace. Our mission is to advance the future of crypto in the United States, promoting the potential of blockchain technology and shaping policy that ensures its success.
About HarrisX: HarrisX, a Stagwell company, is a leading global market research and data analytics company that conducts multi-method consumer and voter research across the U.S. and over 40 countries. With offices in Washington, D.C., New York City, London and Toronto, HarrisX advises Fortune 100 companies, public policy institutions, global leaders, NGOs, and philanthropic organizations. According to The Washington Post and American Research Group, HarrisX was the most accurate pollster of the 2020 U.S. presidential election. The HarrisX Overnight Poll runs 365 days a year in the United States as an omnibus survey; for more information email [email protected].
