On Thursday afternoon, 18 states, led by Kentucky Attorney General Russell Coleman, in partnership with cryptocurrency advocacy group DeFi Education Fund, jointly sued the U.S. Securities and Exchange Commission (SEC) and its five commissioners in the Kentucky District Court. They accused the SEC, under the leadership of Chairman Gary Gensler, of unconstitutional overreach and unfair persecution of the $3 trillion cryptocurrency industry.

The lawsuit was signed by 18 Republican state attorneys general, including Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, Arkansas, Ohio, Kansas, Missouri, Indiana, Utah, Louisiana, South Carolina, Oklahoma and Florida.

The lawsuit was written in partnership with the DeFi Education Fund, a cryptocurrency advocacy group that advocates for sound decentralized finance policies.

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