Gary Gensler And SEC Accused Of “Gross Government Overreach” In Joint Lawsuit By 18 US States
18 US states have filed a lawsuit against Securities and Exchange Commission (SEC) Chair Gary Gensler accusing the anti-crypto regulator of “gross government overreach” against the digital asset industry. “The Securities and Exchange Commission (SEC) has not respected this allocation of authority,” said the plaintiffs, which includes Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others, in the filing . They added that the financial regulator “has sought to unilaterally wrest regulatory authority away from the States.” US Crypto Industry Loses Millions Of Dollars To SEC Enforcement Actions The SEC, under Gensler’s leadership, has opted to use an aggressive regulation by enforcement approach. This has forced crypto companies operating in the US to spend millions of dollars on lawsuits initiated by the regulator. According to the Blockchain Association, legal actions by the SEC have ...