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SEC Faces Multi-State Lawsuit Alleging Crypto Industry Abuse Under Gary Gensler

by Sham
November 14, 2024
in Uncategorized
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  • 18 US states file lawsuit against SEC and Gary Gensler
  • The states accuse SEC of overreaching regulatory authority over crypto industry
  • The lawsuit alleges SEC’s actions against crypto firms have cost them $426 million collectively

A coalition of 18 US states recently filed a lawsuit against the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. The states are accusing the SEC of overstepping its authority in regulating the crypto industry.

JUST IN: 🇺🇸 18 states have filed a lawsuit against the SEC and its commissioners for unconstitutional overreach of the crypto industry under Gary Gensler, via @EleanorTerrett pic.twitter.com/WNIg3oWwk1

— BlockNews (@blocknewsdotcom) November 14, 2024

The Lawsuit Against the SEC

The plaintiffs in the lawsuit include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and more. The complaint alleges that the SEC has tried to take over crypto regulation from states without authorization from Congress.

According to the Blockchain Association, the SEC’s enforcement actions against crypto firms have cost the industry over $400 million in legal fees. Crypto companies have struggled under the SEC’s lack of clear guidance on digital asset regulation.

The SEC’s Stance on Crypto

Under Gensler, the SEC has taken an aggressive stance against the crypto industry. Gensler views most cryptocurrencies as unregistered securities that fall under the SEC’s jurisdiction. This differs from the previous SEC chairman’s view that Bitcoin and Ethereum are not securities.

qz.com

Gensler has said that platforms operating as crypto exchanges must register with the SEC. He also believes stablecoins fall within the SEC’s authority. His views have prompted pushback from the crypto industry and states that want jurisdiction over digital asset regulation.

The Battle Over Crypto Oversight

The states’ lawsuit against the SEC reflects the ongoing battle over crypto oversight between federal regulators and state governments. The outcome of the case could determine whether states or the SEC have primacy in regulating cryptocurrencies. For now, the crypto industry remains stuck in regulatory limbo.

Conclusion

The SEC faces growing resistance from states and crypto firms over its expansive view of its authority. However, Gensler believes tighter regulation is needed to protect crypto investors and maintain fair markets. The lawsuit by 18 states represents the latest skirmish in the clash between regulators and the crypto industry.

Tags: cryptoCrypto IndustryCrypto RegulationGary Genslersec
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