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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 ...

SEC Chair Gary Gensler’s recent address at the 2023 Securities Enforcement Forum highlighted the agency’s $5 billion enforcement success and provided a critical view on crypto currency, sparking vital discussions in the crypto industry. Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler addressed the 2023 Securities Enforcement Forum on Oct. 25, highlighting the agency’s successful enforcement actions, but also reigniting the debate on cryptocurrency regulation. Gensler’s strong remarks about the crypto market, stating that most crypto assets likely qualify as securities, have stirred controversy, calling for a critical examination of his stance and the broader implications for the crypto industry. The chairman proudly outlined the SEC’s achievements, stating that the agency filed over 780 enforcement actions and 500 standalone cases in 2023, resulting in $5 billion in judgments and orders, with $930 million distributed to harmed investors. This impressive...

On July 18, Representative Ritchie Torres sent a letter to Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), requesting the agency to focus on identifying and pursuing the wrongdoers in crypto rather than targeting legitimate businesses. Ritchie Torres criticizes the SEC  United States Democratic Party lawmaker Rep. Ritchie Torres (D-NY 15th District) also applauded Judge Analisa Torres’ ruling on the Ripple vs. SEC case while chastising the watchdog. Judge Analisa Torres of the United States Southern District Court of New York ruled on July 13 that XRP cannot be entirely considered a security. Subsequently, Ripple’s token sale on exchanges didn’t constitute a securities contract or offer.  Read more: Valkyrie’s spot Bitcoin ETF proposal is now on SEC’s Nasdaq rulemaking list In a letter dated July 18, addressed to the Honorable Gary Gensler, Rep. Torres inquired whether the agency has “come to terms with t...