18 US states file lawsuit against SEC and Gary Gensler
Analysis
Price Impact
MedThe lawsuit could lead to more clarity on crypto regulation in the us, potentially benefiting the crypto market. however, it's also possible that the lawsuit creates more uncertainty and delays the development of a regulatory framework, which could negatively impact prices.
Trustworthiness
HighThe lawsuit is a significant development in the ongoing debate over crypto regulation. it could have a major impact on the future of the crypto industry in the us.
Price Direction
NeutralThe lawsuit is a major development, but its immediate impact on prices is unclear. it could create short-term volatility but the long-term impact will depend on the outcome of the lawsuit.
Time Effect
LongThe lawsuit will likely take several years to resolve, so its impact on crypto prices will be felt over a long period of time.
Original Article:
Article Content:
Vince Quill 53 seconds ago 18 US states file lawsuit against SEC and Gary Gensler President-elect Trump has vowed to fire SEC Chairman Gary Gensler and replace him with a more crypto-friendly SEC head. 6 Total views Listen to article 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED Follow our Subscribe on 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. The joint lawsuit against the SEC. Source: Eleanor Terrett The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others. The legal complaint reads: "The Securities and Exchange Commission (SEC) has not respected this allocation of authority. Instead, without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions." According to the Blockchain Association, the Securities and Exchange Commission's various legal actions against the crypto industry cost crypto firms a collective $426 million bill to fight against the regulatory agency's enforcement actions and lack of clarity on a coherent digital asset policy. This is a developing story, and further information will be added as it becomes available. Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower # SEC # Regulation # Gary Gensler Add reaction