{"id":598700,"date":"2024-11-15T06:54:52","date_gmt":"2024-11-15T06:54:52","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=598700"},"modified":"2024-11-15T06:54:52","modified_gmt":"2024-11-15T06:54:52","slug":"gary-gensler-and-sec-accused-of-gross-government-overreach-in-joint-lawsuit-by-18-us-states","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/gary-gensler-and-sec-accused-of-gross-government-overreach-in-joint-lawsuit-by-18-us-states","title":{"rendered":"Gary Gensler And SEC Accused Of \u201cGross Government Overreach\u201d In Joint Lawsuit By 18 US States"},"content":{"rendered":"
18 US states have filed a lawsuit against Securities and Exchange Commission (SEC) Chair <\/span>Gary Gensler<\/span><\/a> accusing the anti-crypto regulator of “gross government overreach” against the digital asset industry. <\/span><\/p>\n “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 <\/span>filing<\/span><\/a>. They added that the financial regulator “has sought to unilaterally wrest regulatory authority away from the States.”<\/span><\/p>\n <\/p>\n 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.<\/span><\/p>\n According to the Blockchain Association, legal actions by the SEC have cost the crypto industry $426 million collectively since 2021. Several large crypto firms, such as Binance, Consensys, Coinbase and Kraken, have had to face off with the regulator in the courtroom.<\/span><\/p>\n Gensler has increasingly come under fire from crypto executives and pro-crypto politicians as well. Earlier this year, President-elect <\/span>Donald Trump<\/span><\/a> subsequently promised that he would “fire” the SEC chair on his first day in office to win over voters.<\/span><\/p>\n BREAKING: Donald Trump to fire Gary Gensler and hire pro-Bitcoin administration. pic.twitter.com\/KxUYoBM65s<\/a><\/p>\n — Jordan Harmon (@JordanHarmon) July 27, 2024<\/a><\/p><\/blockquote>\nUS Crypto Industry Loses Millions Of Dollars To SEC Enforcement Actions<\/span><\/h2>\n
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