CandleFocus Republican State AGs and DeFi Lobby Sue SEC Over Crypto Enforcement Actions
2024-11-15
Author: Content Editor
A group of state attorneys general and the DeFi Education Fund have sued the U.S. Securities and Exchange Commission (SEC) and its commissioners, alleging that the agency is overstepping its bounds by bringing enforcement actions against crypto exchanges. The lawsuit argues that the SEC's regulation of digital assets as investment contracts covered by federal securities laws is unlawful executive action and violates the Administrative Procedures Act. The plaintiffs contend that the SEC's approach to crypto encroaches upon states' rights to police the industry themselves. The lawsuit seeks to block the SEC from bringing enforcement actions. The case comes as SEC Chair Gary Gensler is expected to be replaced by a more industry-friendly successor appointed by former President Donald Trump.
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