18 US states are suing the SEC for:

- Unconstitutional abuse of power

- Unfair suppression of the crypto industry

- Targeting Gary Gensler (Chairman of the SEC)

The states joining the lawsuit are:

Kentucky, Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, Arkansas, Ohio, Kansas, Missouri, Indiana, Utah, Louisiana, South Carolina, Oklahoma and Florida.

This is an unprecedented move. It shows strong opposition to the way the SEC regulates crypto. It could lead to changes in the way crypto is regulated in the US. It creates a clearer legal framework for the industry.