Crypto Vs. Gensler: 18 States File Lawsuit Against SEC Over Alleged Industry Persecution

For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. Gensler’s aggressive regulatory approach has irked many in the industry, particularly the Ripple executives. Today, critics are taking Gensler to court over what they claim as the agency’s “gross government overreach.”

According to Eleanor Terrett of Fox Business, 18 states are already frustrated with Gensler’s management style, affecting the crypto industry. Republican attorney generals, including Kentucky’s Russell Coleman, are leading the lawsuit, arguing that the current SEC chair is bullying the sector.

Lawsuit Argues That Gensler Is ‘Overstepping His Authority’

The states’ lawsuit reflects the growing discontent over Gensler’s approach to crypto regulation. According to Attorney General Coleman, the agency is trying to remove the regulatory authority away from states on cryptocurrency enforcement.