TechFlow reports that seven U.S. states have formed a coalition challenging the SEC's regulation of cryptocurrency. Key points include:
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Iowa led the filing of an amicus brief, joined by six other states.
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The coalition accuses the SEC of "abusing its power," arguing this will hinder innovation and harm the crypto industry.
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The states claim the SEC has overstepped its authority by bypassing Congress to unilaterally grant itself new powers.
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The coalition emphasizes that Congress has not authorized the SEC to regulate cryptocurrencies.
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The states express concern that this could undermine state governments' ability to protect citizens from fraud.
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