18 US states have filed a lawsuit against the Securities and Exchange Commission (SEC) and Chairman Gary Gensler, accusing the financial regulator of “gross government overreach” against the nascent crypto industry.
The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others. The legal complaint reads:
“The Securities and Exchange Commission (SEC) has not respected this allocation of authority. Instead, without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions.”…