Turmoil in the U.S. encryption market: 18 states jointly sue SEC
A high-profile legal showdown recently unfolded on the U.S. crypto market stage. Attorneys general from 18 states jointly filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), accusing it of trying to overstep its authority to interfere with states’ regulation of digital assets under the leadership of Chairman Gensler. This lawsuit is not only a legal battle, but also an important declaration of the future direction of cryptocurrency.
The attorneys general emphasized that states have established their own crypto regulatory frameworks and are working hard to promote the healthy development of this emerging industry. However, the SEC forces encryption companies to follow strict registration requirements on the grounds that digital assets are "investment contracts," which undoubtedly makes them feel threatened. The complaint mentioned that the SEC's actions lacked authorization from Congress. Such unilateral actions not only hinder the free development of the market, but may also affect the innovative vitality of the overall economy.
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