Ahead of an expected regulatory leadership transition following the election of Donald Trump, 18 states have filed suit against the Securities and Exchange Commission (SEC) and its commissioners, including Chairman Gary Gensler, over its crackdown on the crypto industry. Filed Thursday, the suit from 18 states and their respective attorneys general—all Republicans—along with the DeFi Education Fund, alleges that the regulator violated the U.S. Constitution in its approach to regulating digital assets. “Without Congressional authorization, the SEC has sought to unilaterally wrest regulatory authority away from the States through an ongoing series of enforcement actions targeting the digital asset industry,” the lawsuit, filed in a federal court in Kentucky, argues. “The SEC’s sweeping assertion of regulatory jurisdiction is untenable.” The suit further alleges that the SEC knowingly defied standard procedure under Gensler’s leadership when it came to crypto, and so the agency intentionally avoided releasing any new crypto rules—as a means to avoid the alleged issues with its “regulatory land grab.” The 18 states party to today’s lawsuit, led by Kentucky, have now asked a federal judge to grant declaratory and injunctive relief—effectively, to freeze the SEC’s ability to sue crypto companies. https://decrypt.co/291746/sec-gary-gensler-sued-crypto-crackdown
Should the SEC be involved in those Crypto things? Perhaps it is time for Elon's Department of Government Efficiency to scale down SEC.
There is recording of J.D. Vance saying that under current administration all crypto is an illegal security, except for memecoins and other pump and dumps. Whereas it is the inverse of what it should be. I think they will go after influencers promoting pump and dumps and it will become more of a VC-style investing into utility tokens. Which would be a good thing. Because at current stage the only thing that matters is "number go up" and nobody cares about technology.
All of you crypto traders should be happy to know that Gensler is going to be gone!! He's resigning on Jan. 20, 2025, Trump's inauguration date and is going to be gone from the agency altogether. https://www.tipranks.com/news/sec-chair-gary-gensler-to-step-down
I actually like the guy honestly. He's a guy who actually did something, asking the tough questions to the PFOF dealers to give us retail traders some transparencies. PFOF's been around for decades and nobody dared to touch them.