Montana and seven other American states have launched lawsuits in response to a lawsuit by the U.S. Securities and Exchange Commission (SEC) against the Kraken crypto exchange.

Paul Greval, Coinbase's Director of legal Affairs, drew attention to this event on his social network page, noting the importance of the actions of regional US authorities, such as the attorneys general of eight states.

The main claim is that the SEC "ecosystem" theory, according to representatives of these states, is not only illegal, but also poses a serious risk to citizens. They express concern that the SEC, in trying to regulate cryptocurrencies as securities, may infringe on consumer rights and ignore regional laws.

According to Greval, these states believe that the SEC exceeds its authority and does not take into account local legislation, which is better suited to address specific risks associated with cryptocurrencies that are not securities. They argue that federal securities laws are not designed to protect consumers in a broad sense, including the acquisition of various types of assets.

Representatives of the state also note that the term "investment contract" according to American law is intended to describe instruments similar to securities. They emphasize that this definition should not extend beyond its original purpose.

In addition, Grewal emphasizes that many states have already developed regulatory systems for cryptocurrencies, considering them as tools for money transfers, including registration, minimum capital requirements, security protocols and regulatory oversight. He expresses concern that these state measures may be replaced by federal regulations.

Bill Morgan, a legal expert, notes that global trends contradict the SEC's actions in the field of cryptocurrencies, which, in his opinion, may not take into account consumer protection.