18 US states have filed a lawsuit against the Securities and Exchange Commission (SEC) and Chairman Gary Gensler, accusing the financial regulator of “gross government overreach” against the nascent crypto industry.
According to the Blockchain Association, the Securities and Exchange Commission’s various legal actions against the crypto industry have collectively cost crypto firms $426 million since 2021 to litigate.
Industry executives have long criticized the regulatory agency’s lack of coherent digital asset policy as the biggest hurdle developers face in the United States.