A group of 18 U.S. states, including Nebraska, Tennessee, and Wyoming, have filed a lawsuit against the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, accusing the agency of overstepping its regulatory authority in the cryptocurrency industry. The states argue that the SEC's aggressive enforcement actions go beyond its statutory limits and infringe on states' regulatory authority. Ripple's Chief Legal Officer, Stuart Alderoty, criticized Gensler's leadership and the SEC's impact on innovation in the crypto industry. There is speculation that Gensler may resign, fueled by Donald Trump's promise to restructure the SEC.



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