BREAKING: 18 U.S. States File Lawsuit Against SEC and Chair Gary Gensler Over Cryptocurrency Policies
1. Lawsuit Filed: Eighteen U.S. states have initiated legal action against the Securities and Exchange Commission (SEC) and its members, alleging constitutional violations and undue pressure on the cryptocurrency industry under the leadership of SEC Chairman Gary Gensler.
2. Key Allegations:
The lawsuit, signed by 18 Republican attorneys general, accuses the SEC of "government overreach" in its enforcement actions targeting the $3 trillion cryptocurrency industry.
The states argue that these actions infringe on their rights to regulate their economies, violating the principles of federalism.
This legal challenge reflects mounting tensions over the SEC’s regulatory approach to cryptocurrencies and its impact on state-level economic autonomy.