U.S. court suspends lawsuits brought by 18 states and crypto lobbying groups after change in SEC leadership

A federal judge has ruled in favor of 18 state attorneys general and the cryptocurrency lobbying group, the DeFi Education Foundation.
The Securities and Exchange Commission (SEC) has decided to suspend its lawsuit against the SEC. All parties have agreed to the SEC's new leadership.
The decision comes as the SEC agreed to the company's argument that the case could be thrown out.
As noted in a filing in mid-March, the 60-day stay was based on the premise that "the matter may be resolved with a new change in leadership."
The court also clarified that "all parties must file a joint status report within 30 days." The new SEC chairman, Paul Atkins,
He served on the board of directors of a cryptocurrency advocacy group as an advisor to the city and was named to lead the SEC, replacing Acting Chairman Mark Ueda and former Chairman Gary Gensler.
The lawsuit was filed by 18 Republican state attorneys general and the Defy Educational Fund against the SEC in November 2022.
The lawsuit alleges the SEC exceeded its regulatory authority and accused the SEC and its then-chairman, Gary Gensler, of "abuse of government power."
Meanwhile, the Defy Educational Foundation, the Blockchain Association, and the Texas Blockchain Association filed a lawsuit against the IRS on April 16.
The lawsuits, filed against the IRS by President Donald Trump, were filed on Tuesday, voluntarily withdrawing.
The President signed a bill repealing the rule on April 11, rendering the lawsuit moot.