U.S. Rep. Wiley Nickel (D-NC-13) said U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler "is hurting our economy and sending American jobs overseas."

"I hope you understand that your misguided approach to regulation by enforcement and open hostility to crypto is hurting our economy and sending American jobs overseas," said Nickel during a House Financial Services Committee hearing. "You've single-handedly set us back years in our support for Web3 technology."

Former President Donald Trump, in a speech at the Bitcoin 2024 Convention, also addressed the issue, saying "on day one, I will fire Gary Gensler and appoint a new SEC chairman." 

The broader regulatory debate remains a significant issue, with many calling for clearer guidelines that support both innovation and investor protection. As the U.S. seeks to establish its leadership in emerging technologies, the handling of cryptocurrency regulation continues to be a key point of contention in Washington.

The U.S. Securities and Exchange Commission (SEC) is a federal regulatory agency responsible for overseeing and enforcing securities laws in the United States.

According to a 2024 Social Capital Markets report, the SEC has imposed $7.42 billion in penalties on the crypto industry since 2013, with 63% of that collected in 2024 alone.

A 2024 Social Capital Markets report revealed that SEC fines against the cryptocurrency industry surged from $150.26 million in 2023 to $4.68 billion in 2024, a 3018% increase.