18 U.S. states have filed a lawsuit against the SEC and Chairman Gary Gensler, accusing them of overstepping their authority in regulating the crypto industry. The states, including Texas, Ohio, and Wyoming, argue that the SEC is trying to take control without Congressional approval, bypassing state authority. The Blockchain Association claims that crypto firms have spent $426 million fighting the SEC's unclear policies. This legal battle highlights the ongoing tension between state and federal regulation in the rapidly evolving crypto space. Stay tuned for updates as this story unfolds.