Ripple and Crypto Giants Face $400 Million Compliance Costs Amid SEC Enforcement Under Gary Gensler

The Blockchain Association disclosed that since Gary Gensler‘s appointment as chairman of the US SEC, the American crypto industry has incurred compliance costs exceeding $400 million in response to the agency’s rigorous enforcement actions.

Notably, the SEC has initiated legal proceedings against major players including Coinbase and Kraken, prompting a significant financial burden on industry participants.

This substantial expenditure reflects the serious implications of regulatory compliance, potentially stifling innovation and jeopardizing job growth within the sector.

The figure is derived from self-reported data by the associations members, which include prominent companies like Ripple, Crypto.com, and Grayscale.

As the regulatory landscape evolves, stakeholders are increasingly concerned about balancing compliance demands with ongoing industry development.