1. Details of the lawsuit: Eighteen US states have filed a lawsuit against the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, accusing the agency of overstepping the boundaries of its constitutional authority and unfairly pressuring the cryptocurrency industry under his leadership. ⚖️💰
2. Grounds for the lawsuit: The lawsuit, signed by 18 attorneys general from Republican states, alleges that the agency is engaging in “gross abuses” in its effort to regulate a $3 trillion industry 💵🔥, which violates states’ rights to independently manage and regulate their economies. 🏛️
