18 US States Take Legal Action Against SEC

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A lawsuit has been filed by 18 US states against the Securities and Exchange Commission (SEC) and its Chairman Gary Gensler, alleging that the regulatory body has overstepped its bounds and acted beyond its authority in its actions against the growing crypto industry.

Included in the list of plaintiffs are Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others. The legal documentation states:

“The actions of the Securities and Exchange Commission (SEC) have exceeded the scope of their designated power. Rather than respecting the jurisdiction designated by Congress, the SEC has embarked on a unilateral effort to take regulatory control away from the States through its ongoing enforcement activities.”

According to the Blockchain Association, the Securities and Exchange Commission’s various legal actions against the crypto industry have resulted in a collective cost of $426 million for businesses since 2021.