US States Unite Against SEC’s Expanded Crypto Regulation

Seven U.S. states have joined forces to challenge the SEC’s authority over cryptocurrency. Led by Iowa Attorney General Brenna Bird, the coalition filed an amicus brief arguing that the SEC’s expanded powers could stifle innovation and harm the crypto industry. 

The brief, supported by Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma, contends that the SEC’s actions exceed its authority and undermine state efforts to protect consumers from scams. The coalition argues that the SEC’s move bypasses Congress and violates legal principles, urging the court to prevent the SEC from overstepping its bounds.

Clever Robot News Desk 23^rd July 2024