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The legal challenge, filed in the Eastern District of Kentucky, names the SEC and all five of its Commissioners. This includes two appointees of former President Donald Trump, one of whom, Hester Peirce, is pro-crypto.
The lawsuit, signed by the Attorneys General of the 18 states, alleges “gross government overreach” by the SEC. However, there’s no direct confirmation of Trump’s involvement in the case.
The lawsuit comes just after a speech last week by SEC Chair Gary Gensler. Many people view it as presaging changes at the top of the Commission. Legally, the experts in that field are not so sure. So far, the SEC has refused to comment.
Observers see the legal move as a possible strategy to pressure Gensler to step down before Trump potentially assumes office in January. While Trump cannot directly remove Gensler, lawsuits like this could create political pressure for his resignation.
This development adds to a series of pro-crypto moves in Washington. Lawmakers recently passed crypto-friendly legislation in the last few weeks, accompanied by positive comments from powerful figures like the apparent Treasury Secretary pick and the new Senate Majority Leader.
The suit, filed during a time of political transition in the U.S., underscores a growing push to rethink cryptocurrency regulation.
English (US) · 