🚨Crypto: SEC accused of stifling innovation by seven US states

✅The SEC, sometimes more destructive than regulatory for the crypto industry, is once again at the center of debate. Accused of slowing down innovation and harming a booming market, the SEC is facing a coalition of seven US states that vigorously defend the freedoms of the cryptocurrency industry. Let’s explore this legal tug-of-war and its implications for the future of crypto.

🚨A coalition of states against SEC regulation

✅The shadow of the SEC's hammer, already challenged by Judge Michael Wiles , often hangs over the cryptocurrency industry, and this time, seven US states have decided to say "stop" to what they consider to be excessive control .

✅Led by Iowa Attorney General Brenna Bird, the coalition filed an amicus brief on July 10 , denouncing the SEC’s crypto regulation. Supported by the states of Arkansas (where bitcoin mining has become a blessed activity ), Indiana, Kansas, Montana, Nebraska, and Oklahoma, these representatives argue that the SEC’s attempt to regulate cryptocurrencies is nothing less than an attack on market freedom and innovation .

🔺" The SEC's power grab could prevent states from protecting their citizens from scams and harm free competition ," the statement said.

✅For states like Iowa, which pride themselves on actively protecting their citizens from scams , the SEC's actions are seen as an obstruction of their mission.

✅Local authorities fear that this centralised power will prevent effective prosecution of fraudsters, while stifling a booming industry.

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