Just yesterday, Mlion received a shocking news! According to Fox Business reporter Eleanor Terrett, 18 states in the United States have jointly filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its commissioners!
The lawsuit was signed by 18 Republican state attorneys general, who accused the SEC, under the leadership of Chairman Gary Gensler, of "serious government overreach" in the $3 trillion cryptocurrency industry! They believe that the SEC's regulation through law enforcement has violated the states' right to regulate their economies!
This is no longer a simple regulatory issue, but a major challenge to the Constitution and industry fairness! This is the first time that U.S. states have taken collective legal action against the SEC's cryptocurrency regulatory policy, showing that local governments are strongly dissatisfied with the federal regulator's law enforcement methods in the cryptocurrency field!
So, what did the SEC do to make these states so angry? 🤔 Since Gary Gensler became the chairman of the SEC, he has been known for his strict regulatory stance on cryptocurrencies. Under his leadership, the SEC attempted to incorporate cryptocurrencies into the existing securities regulatory framework, which caused a lot of controversy!
Behind this lawsuit, there are both internal and external factors. Internal factors include Gensler's policy inclination and the SEC's overall conservative stance on risk management in the crypto market; external factors include the rapidly expanding size of the crypto market and the dissatisfaction of states with federal power interfering in their economic management!
This lawsuit not only accuses the SEC of abusing its power, but also questions its unconstitutionality and unfair attack on the industry! This is the first time that multiple states have joined together to file a lawsuit against the SEC's regulatory policies in the field of cryptocurrency! This collective action undoubtedly shows the serious differences between local and federal governments on the issue of cryptocurrency regulation!
So, how will this lawsuit affect the crypto market?
If the local government wins the case, the SEC's regulatory strategy may be forced to adjust, which will undoubtedly bring more freedom and space to the crypto industry, and may also inspire more states to take action to push the crypto market into a more favorable environment. However, market uncertainty may increase in the short term, and investors need to remain vigilant.
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The above content is for information sharing only and does not constitute any investment advice! Investment is risky, so be cautious when entering the market!
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