BlockBeats News: On November 15th, FOX reporter Eleanor Terrett posted on social media that "18 states in the United States have filed lawsuits against the Securities and Exchange Commission (SEC) and its commissioners, accusing them of unconstitutional excessive intervention and unfair treatment of the cryptocurrency industry under the leadership of SEC Chairman Gary Gensler.
The lawsuit, signed by 18 Republican state attorneys general in the United States, details how the agency has engaged in "serious government overreach" in a $3 trillion industry through enforcement actions and violated the power of states to regulate their economy
Nebraska Attorney General Mike Hilgers stated that "Nebraska and Kentucky are jointly leading an alliance of 18 states to challenge the Biden and Harris administrations' illegal and widespread regulation of cryptocurrency. In a lawsuit submitted to the Federal District Court for the Eastern District of Kentucky, state attorneys general and other parties have accused the U.S. Securities and Exchange Commission (SEC) of exceeding its authority.
Despite previous actions and public statements by the Securities and Exchange Commission and its chairman, the agency has launched a regulatory offensive against cryptocurrency companies. The SEC has exceeded the authority granted by Congress by attempting to classify cryptocurrencies as investment contracts, such as stocks or bonds, in order to subject them to SEC regulation.
In addition to Nebraska and Kentucky, the participating states also include Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, and West Virginia
18 Republican state attorneys general in the United States are requesting the court to declare that "digital asset trading is not an investment contract" and issue an order to prevent the SEC from filing charges in the future against "digital asset platforms that have failed to register as securities exchanges, dealers, brokers, or clearing institutions.
According to the lawsuit, many states have established their own regulatory frameworks for the cryptocurrency industry and encouraged its development.
