SEC crackdown costs cryptocurrency firms $426 million

the blockchain association, a lobbying group focused on cryptocurrency, announced that cryptocurrency companies have spent about $426 million to fight the lawsuit launched by Gary Gensler, chairman of the US Securities and Exchange Commission. In the report, the blockchain association criticized the agency's "enforcement regulation" approach, which has affected the entire cryptocurrency 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.