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President-elect Trump has vowed to fire SEC Chairman Gary Gensler and replace him with a more crypto-friendly SEC head.
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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 joint lawsuit against the SEC. Source: Eleanor Terrett
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.”
According to the Blockchain Association, the Securities and Exchange Commission’s various legal actions against the crypto industry cost crypto firms a collective $426 million bill to fight against the regulatory agency’s enforcement actions and lack of clarity on a coherent digital asset policy.
This is a developing story, and further information will be added as it becomes available.
Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower
This article first appeared at Cointelegraph.com News
