The Blockchain Association has issued a statement in response to the recent actions taken by the Securities and Exchange Commission (SEC) against Cumberland. The statement, attributed to Blockchain Association CEO Kristin Smith, criticizes the SEC's approach under Chair Gary Gensler.

Smith expressed concern over what she described as a repetitive strategy from the SEC. She stated, "Unfortunately, today is more of the same, tired playbook from Chair Gensler’s SEC: hollow offers followed by confusion, then enforcement – with no other perceivable goal than to drive digital asset innovation offshore."

The Blockchain Association has declared its support for Cumberland as it faces these charges. Smith emphasized the need for legislative action rather than regulatory enforcement, saying, "But today’s news makes it clearer than ever: Congress – not overzealous regulators – must act to establish guardrails for the industry, otherwise, we risk ceding America’s lead in crypto and losing what makes our nation a bastion for innovation."

The situation highlights ongoing tensions between regulators and the cryptocurrency industry regarding how digital assets should be managed within the United States.