TechFlow news, on November 15, according to Fox Business reporter Eleanor Terrett, 18 U.S. states have jointly filed a lawsuit against the Securities and Exchange Commission (SEC) and its commissioners. The legal complaint, signed by 18 Republican state attorneys general, accuses the SEC under Chairman Gary Gensler of imposing "severe government overreach" on the $3 trillion cryptocurrency industry, regulating through enforcement actions and infringing upon states' rights to regulate their own economies.
The lawsuit alleges that the SEC's regulatory actions toward the cryptocurrency industry are unconstitutional and amount to unfair persecution. This marks the first time U.S. states have taken collective legal action against the SEC's cryptocurrency regulatory policies, reflecting strong dissatisfaction among state governments with the federal regulator's enforcement approach in the crypto sector.
