The SEC crackdown caused cryptocurrency companies to lose 426 million dollars

The Blockchain Association, a lobbying group focused on cryptocurrency, announced that cryptocurrency companies have spent approximately $426 million to combat lawsuits initiated by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission. In its report, the Blockchain Association criticized the agency's "law enforcement regulation" approach which has affected the entire crypto industry. Besides dealing with costs of complaints and cases, the Blockchain Association also pointed out unemployment issues that will negatively impact the economy.