States vs. SEC: New Lawsuit Could Change the Rules for the Crypto Industry

user avatar

by Giorgi Kostiuk

2 years ago

Eighteen US states have joined in a lawsuit against the SEC, accusing the regulator of federal overreach in cryptocurrency regulation.

States Claim the SEC is Overstepping

State Attorneys General, including Kentucky’s Russell Coleman, Florida’s Ashley Moody, Texas’s Ken Paxton, and Tennessee’s Jonathan Skrmetti, claim excessive control by SEC Chair Gary Gensler. According to the SEC, most cryptocurrencies, except for bitcoin and ether, should be considered securities, leading to actions against major crypto companies like Coinbase and Ripple. However, states disagree, arguing the SEC is surpassing Congressional intentions, causing confusion and potential harm to the industry.

Political and Industry Backing

Political support for the lawsuit comes from figures like Tennessee Senator Bill Hagerty and President-elect Donald Trump, who criticize the SEC’s anti-crypto agenda. Industry representatives and other Attorneys General, including Indiana’s Theodore E. Rokita, Mississippi’s Lynn Fitch, and Missouri’s Andrew Bailey, support the idea that states are better prepared to create practical crypto rules.

What to Expect

The lawsuit could lead to significant changes in the US crypto industry. A win for the plaintiffs may give states like Oklahoma and Iowa more control over crypto policies. The crypto community is closely watching how the case develops, hopeful for clearer and more innovation-friendly regulatory changes.

The outcome of the case could open doors for clearer and more innovation-friendly rules in the crypto industry.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.