ChainCatcher reported that according to Cointelegraph, 18 U.S. states filed a lawsuit against the Securities and Exchange Commission (SEC) and its chairman Gary Gensler, accusing the agency of "serious government overreach" in the field of cryptocurrency.

The plaintiff claimed that the SEC tried to seize regulatory power from the states through enforcement actions against crypto entities.

The states involved in the lawsuit include Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, Nebraska, Tennessee, Wyoming, etc.