18 US states filed a lawsuit against the SEC and Chair Gary Gensler.
The lawsuit questions the SEC’s unauthorized expansion of authority.
Ripple CLO slams Gensler’s legacy, which he says will become an unfortunate footnote.
In a bold challenge to federal authority, 18 U.S. states have filed a lawsuit against the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, accusing the agency of overstepping its regulatory bounds.
The lawsuit alleges that the SEC’s aggressive enforcement actions against the cryptocurrency industry represent an unauthorized expansion of its power. Ripple’s Chief Legal Officer, Stuart Alderoty, called the legal action a sharp rebuke of Gensler’s contentious leadership.
States Push Back Against Federal Crypto Control
The lawsuit includes states such as Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, and Montana. Their complaint argues that the SEC has exceeded its statutory limits by attempting to usurp regulatory authority from the states without Congressional approval. Nebraska Attorney General Mike Hilgers and Kentucky AG Russell Coleman are reportedly leading…
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