11.14.24

States Sue SEC, Gensler for ‘Regulatory Overreach’ on Crypto

by: Julia Shapero

Eighteen state attorneys general sued the U.S. Securities and Exchange Commission (SEC) and its chair Gary Gensler for allegedly overstepping the agency’s authority in its enforcement actions against the cryptocurrency industry. "The SEC’s assertion of sweeping jurisdiction without congressional authorization deprives states of their proper sovereign role and chills the development of innovative regulatory frameworks for the digital asset industry,” the complaint reads. “Still worse, by attempting to shoehorn digital assets into illfitting federal securities laws and inapt disclosure regimes, the SEC is harming the very citizens it purports to protect, by displacing better-suited state laws that have been carefully designed to ensure consumer protection in the digital asset industry.”

Read the full article on The Hill