18 states want the SEC to stop enforcing crypto regulation

In a lawsuit from 18 states, the US Securities and Exchange Commission is accused of trying to take regulatory control of crypto away from the states, prompting a push to halt SEC enforcement actions in favor of state-managed regulation. The controversial SEC chair Gary Gensler, along with other commissioners, is named in the suit, which challenges the SEC’s jurisdiction over crypto assets and invokes the major questions doctrine in arguing that Congressional approval is needed for SEC litigation against the industry.

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