Cameron Winklevoss, co-founder of US bitcoin exchange Gemini, warned the digital asset community about the election outcomes in a recent post on X (previously Twitter).
Winklevoss and his brother Taylor donated $1 million in Bitcoin apiece to Trump's reelection campaign.
Regulatory concerns drive crypto firms from US
Winklevoss said the Harris-Biden government has cost the Bitcoin industry $500 million in legal expenses.
The US Securities and Exchange Commission (SEC) has sued and issued Wells Notices to major industry companies including Binance, Ripple, and Coinbase.
Many enterprises have spent a lot of money fighting against regulatory measures, raising questions about the administration's bitcoin regulation.
The co-founder worried that a Kamala Harris president would maintain the existing regulatory environment of enforcement rather than direction.
Winklevoss said, "Vote Trump and legal fees are zero." Elect Harris and this number will soar to billions.”
Cameron Winklevoss' statements prompted industry professionals to discuss how regulatory measures affect innovation and growth.
Bitcoin enthusiast and Tierion blockchain co-founder Wayne Vaughan agreed with Winklevoss that legal expenses are just half of the harm.
The crypto industry is getting frustrated with US regulatory agencies, since several firms have left the US or abandoned product development due to regulatory worries, Vaughan said.
However, securities lawyer and digital asset advocate James Murphy said that Winklevoss's $500 million litigation cost estimate may be conservative.
Murphy added that this sum does not include settlements made to the SEC by projects unwilling to fight protracted legal fights, highlighting the industry's financial hardship.
Blockchain Association Wants Leadership Change At SEC
Bitcoinist reported that the Blockchain Association, a crypto lobbying organization, estimated that crypto businesses had spent $426 million battling SEC cases over the last five years.
This October 31 study blasted the SEC's “regulation by enforcement” strategy for stifling innovation and economic development. The group emphasized litigation costs and regulatory-related job losses.
The Blockchain Association asked for an SEC leadership change, calling the present regulatory policy “lawfare” that harms the crypto business.
The group's CEO, Kristin Smith, asked bitcoin users and developers to support leadership change without naming candidates.
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