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The crypto industry has feuded with Gensler and the SEC throughout the Biden administration, arguing that the agency has failed to provide clear rules of the road and has instead regulated crypto via enforcement. According to the Blockchain Association, the Securities and Exchange Commission's various legal actions against the crypto industry have collectively cost crypto firms $426 million since 2021 to litigate. Industry executives have long criticized the regulatory agency's lack of coherent digital asset policy as the biggest hurdle developers face in the United States.
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