BlockBeats news, on November 15, FOX reporter Eleanor Terrett posted on social media, “18 states in the United States have filed lawsuits against the U.S. Securities and Exchange Commission (SEC) and its commissioners, accusing them of under the leadership of SEC Chairman Gary Gensler. , unconstitutionally excessive interference and unfair treatment of the crypto industry.
The lawsuit, signed by 18 Republican U.S. state attorneys general, details how the agency has engaged in “gross government overreach” through enforcement actions in a $3 trillion industry and violated states’ authority to regulate their economies. “
Nebraska Attorney General Mike Hilgers said, “Nebraska and Kentucky are co-leading an 18-state coalition to challenge the Biden-Harris administration’s illegal and widespread regulation of cryptocurrency. . In a lawsuit filed in the U.S. District Court for the Eastern District of Kentucky, the state attorney general and other parties accused the U.S. Securities and Exchange Commission (SEC) of exceeding its authority.
The agency has launched a regulatory offensive against crypto companies despite previous actions and public statements by the SEC and its chairman. The SEC went beyond the authority granted by Congress and sought to classify cryptocurrencies as investment contracts — such as stocks or bonds — thereby subjecting them to SEC regulation.
In addition to Nebraska and Kentucky, participating states include Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma Homer, South Carolina, Tennessee, Texas, Utah and West Virginia. “
18 Republican state attorneys general in the United States asked the court to declare that “digital asset transactions are not investment contracts” and issue an order to prevent the SEC from future actions on “digital assets that fail to register as a stock exchange, dealer, broker or clearing agency” Platform” filed charges.
According to the complaint, many states have developed their own regulatory frameworks for the crypto industry and are encouraging industry growth.
