The lawsuit, filed against financial regulators and Chairman Gensler, accusing them of "serious abuses of government power" by appointing former presidents Nebraska, Tennessee, Wyoming, Kentucky and Wisconsin.
These states include West Virginia, Iowa, Texas, Mississippi, Ohio, and Montana. These states have stated that the SEC "will not respect the assignment of authority and will not continue to operate without congressional authorization."
"Through their enforcement actions, the Fed has attempted to unilaterally strip the states of their regulatory authority," the lawsuit alleges.
According to the Association, the Securities and Exchange Commission has taken various measures against the cryptocurrency industry.
The move has cost crypto companies a total of $426 million in legal fees since 2021, industry executives say, citing the biggest obstacle developers face in the U.S.
The SEC has long criticized the regulator's lack of a coherent digital asset policy, but with the election of Donald Trump, investors and industry executives have widely expected a shake-up in SEC leadership.
Gensler is currently under scrutiny, and there is a possibility that he will be replaced when he takes office in January 2025. According to reports, SEC Commissioner Mark Ueda is expected to succeed Gensler as Chairman.
Uyeda and Dan Gallagher, Robinhood's chief legal, compliance and corporate affairs officer.
Gallagher is said to be a possible candidate.
2024/11/15 12:30 KST
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