Eighteen states in the United States have filed a collective lawsuit against the Securities and Exchange Commission (SEC) and Chair Gary Gensler, accusing them of overstepping their authority over the crypto industry.
Details of the Lawsuit Against SEC
The plaintiffs claim that the SEC does not respect the allocation of authority and seeks to seize regulatory power over the crypto sector through its enforcement actions against crypto companies. States involved in the lawsuit include Kentucky, West Virginia, Iowa, Texas, and others.
Permission for Greenidge to Mine Cryptocurrencies
The New York State Supreme Court has allowed Greenidge Generation to continue its power generation and Bitcoin mining operations at its New York facility. The court also enabled the company to reapply and renew its Clean Air Act Title V Air Permit, previously denied by the Department of Environmental Conservation (DEC) in June 2022. However, the court upheld the DEC's authority to deny the permit and found Greenidge had not proven any improper conduct by DEC.
Consensys CEO's View on Crypto Industry Prospects
Consensys CEO Joe Lubin believes that many SEC-initiated cases against the crypto industry will be dismissed or settled under the administration of President-elect Donald Trump. Lubin stated that although all cases may not be dismissed, the industry will save considerable amounts as the Trump team acts aggressively in this area.
The lawsuits against the SEC and plans for the further development of the crypto industry indicate significant shifts in the regulation and management of cryptocurrencies in the U.S. These events could have a profound impact on the future of the sector.
