Seven U.S. states jointly filed a friend-of-the-court brief, arguing that the SEC's "power grab" will harm the crypto industry

According to Foresight News, Bitcoin.com reported that Iowa Attorney General Brenna Bird led a coalition of seven states (Arkansas, Indiana, Kansas, Montana, Nebraska and Oklahoma) to jointly submit a friend of the court brief, arguing that the U.S. Securities and Exchange Commission (SEC)'s "power grab" will harm the crypto industry and exceed its authority. "The U.S. SEC is trying to prevent states like Iowa from holding robbers accountable under the law and protecting families from crypto scams. This power grab will also harm the free market and allow the U.S. SEC to regulate the crypto industry without any responsibility."