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In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its commissioners on Thursday. SEC Accused Of āUnfair Persecutionā Of The Crypto Sector FOX journalist Eleanor Terret reported that this legal action accuses the SEC of āunconstitutional overreachā and āunfair persecutionā of the crypto sector, particularly under the leadership of Chair Gary Gensler. The lawsuit, spearheaded by 18 Republican Attorneys General, highlights what they describe as āgross government overreachā in the SECās enforcement-driven regulation of the $3 trillion crypto market. The states argue that these actions infringe upon their rights to regulate their own economies, asserting that the SEC has failed to respect existing regulatory frameworks for financial institutions dealing with digital assets.
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