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SEC, Gensler sued by 18 states 🚨
The SEC's crypto crackdown gets forceful pushback by 18 states, which allege unconstitutional overreach by Gary Gensler and co.
Andrew Hayward
November 14, 2024
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📝 What you need to know
SEC Chair Gary Gensler is widely expected to be out of a job soon with Trump taking the White House, and the crypto industry’s chief antagonist got one heck of a potential parting gift Thursday: he’s being sued by 18 states over crypto regulation.
Filed against the SEC, Gensler, and his fellow commissioners by the Republican AGs of states including Florida and Texas, the suit alleges that the regulator violated the U.S. Constitution by overreaching in applying securities law to digital assets.
“Without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions targeting the digital asset industry,” the lawsuit argues. “The SEC’s sweeping assertion of regulatory jurisdiction is untenable.”
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