SEC files 104 lawsuits against cryptocurrency industry over three years, costing companies $426 million

It has been reported that the U.S. Securities and Exchange Commission (SEC) has filed 104 lawsuits against the cryptocurrency industry over the three-year period from 2021 to 2023.
The Blockchain Association (BA), a lobbying group representing the cryptocurrency and blockchain industry, has announced that since Gary Gensler became SEC Chairman,
On the 31st, the agency reported through an update to its “Regulatory Enforcement” page that 104 lawsuits related to digital assets have cost companies at least $426 million (approximately 65 billion yen).
The Blockchain Association highlighted the need for changes to regulatory methods under the Gensler Regime and called on crypto voters to support a change in SEC leadership.
"The industry and American voters want change and they want a fair chance. We need SEC leadership to end the legal crackdown on the cryptocurrency industry," the association said in a statement.
"We need a change of leadership," he said. Many industry advocates and U.S. lawmakers have criticized Chairman Gensler for taking a "regulatory enforcement" approach to crypto assets since 2021.
Under Gensler, the SEC has brought legal actions against companies including Binance, Ripple and Coinbase.
BA said on Twitter that "Gensler's anti-innovation crypto crackdown will lead to lost jobs, lost innovation, and lost tech investment in the US.
"It has also caused immeasurable damage in terms of a reduction in labor force participation."