Eighteen Republican state attorneys general have sued the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler on Thursday, challenging the agency’s authority to regulate cryptocurrency markets.
The lawsuit, led by Kentucky Attorney General Russell Coleman, alleges the SEC has exceeded its statutory powers by attempting to assume broad regulatory control over digital assets without congressional authorization. The complaint argues the agency’s actions infringe on states’ rights to develop their own cryptocurrency regulations and harm consumers by imposing ill-fitting federal securities laws on digital assets.
Speaking at a legal conference Thursday, Gensler defended the agency’s approach, citing consistent court support for SEC enforcement actions in cryptocurrency cases. The regulatory landscape appears set for change following President-elect Trump’s victory. Trump, who previously dismissed cryptocurrency as a “scam,” has pledged to make the U.S. the “crypto capital of the planet” and remove Gensler.
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