After 18 states sued the SEC for overreach, Gensler hinted at departure
18 states sued the SEC with crypto advocacy organization DeFi Education Fund.
The complaint alleges that the SEC's crypto regulation is illegal and overreaching.
Gary Gensler hinted about resigning in a statement.
On Thursday, 18 states and the DeFi Education Fund sued the Securities and Exchange Commission (SEC) over its crypto sector crackdown, citing unconstitutional conduct. Gary Gensler, SEC Chair, hinted about resigning before his term ended following harsh scrutiny.
Gary Gensler hints at departure as DeFi Education Fund and 18 states sue SEC.
Eleanor Terrett of Fox Business reports that 18 states have sued the Securities and Exchange Commission (SEC) and its five commissioners for unlawful overreach and discriminatory treatment of the cryptocurrency sector under Gary Gensler.
This legal lawsuit, funded by the DeFi Education Fund, contends the SEC's regulatory approach harms the sector.
Kentucky, Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, Arkansas, Kansas, Missouri, Indiana, Utah, Louisiana, South Carolina, Oklahoma, and Florida state attorneys filed the suit.
The lawsuit criticizes the agency's cryptocurrency enforcement and regulation.
"DeFi and crypto will make the digital economy more accessible, efficient, interoperable, reliable, and consumer-focused. The SEC prevents this guarantee "DeFi Education Fund wrote.
These states are accepting cryptocurrencies and disliking the SEC, which led to the lawsuit.
SEC Chair Gary Gensler delivered an official statement today suggesting he may resign.
Gensler made the comments Thursday at the Practicing Law Institute's annual Securities Regulation Institute.
"I've been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance," he added.
Gensler's departure may have been prompted by Trump's election win. During his campaign, the President-elect promised to terminate Gensler.
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