{"id":2712,"date":"2024-11-14T20:47:59","date_gmt":"2024-11-14T20:47:59","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2712"},"modified":"2024-11-14T20:47:59","modified_gmt":"2024-11-14T20:47:59","slug":"crypto-legal-battle-18-states-accuse-sec-of-unconstitutional-regulatory-actions","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2712","title":{"rendered":"Crypto Legal Battle: 18 States Accuse SEC Of Unconstitutional Regulatory Actions"},"content":{"rendered":"<div>\n<p>In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its commissioners on Thursday.\u00a0<\/p>\n<h2>SEC Accused Of \u2018Unfair Persecution\u2019 Of The Crypto Sector<\/h2>\n<p>FOX journalist Eleanor Terret <a href=\"https:\/\/x.com\/EleanorTerrett\/status\/1857147653592936631\" target=\"_blank\" rel=\"noopener nofollow\">reported <\/a>that this legal action accuses the SEC of \u201cunconstitutional overreach\u201d and \u201cunfair persecution\u201d of the crypto sector, particularly under the leadership of Chair Gary Gensler.<\/p>\n<p>The lawsuit, spearheaded by 18 Republican Attorneys General, highlights what they describe as \u201cgross government overreach\u201d in the SEC\u2019s enforcement-driven regulation of the $3 trillion crypto market.\u00a0<\/p>\n<p>The states argue that these actions infringe upon their rights to regulate their own economies, asserting that the SEC has failed to respect existing regulatory frameworks for financial institutions dealing with digital assets.\u00a0<\/p>\n<p>They contend that, without congressional authorization, the SEC has attempted to \u201cunilaterally wrest regulatory authority away from the States\u201d through a series of enforcement actions targeting the crypto market.<\/p>\n<h2>Chair Gensler Hints At Resignation<\/h2>\n<p>Among the states participating in this lawsuit are Kentucky, Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, and Florida.\u00a0<\/p>\n<p>Notably, Florida has made strides toward digital asset adoption, including <a href=\"https:\/\/bitcoinist.com\/bitcoin-strategic-reserve-florida-cfo\/\" target=\"_blank\" rel=\"noopener \">proposals <\/a>to designate Bitcoin, the largest cryptocurrency of the market, as a strategic reserve asset for the state.<\/p>\n<p>Adding to the intrigue surrounding the SEC, NewsBTC <a href=\"https:\/\/www.newsbtc.com\/breaking-news-ticker\/new-era-for-crypto-regulation-sec-chair-gensler-suggests-he-may-step-down\/\" target=\"_blank\" rel=\"noopener nofollow\">reported <\/a>that Chair Gensler hinted at a potential resignation in a letter to agency staff that read like a farewell message after three years in his role under President Biden.\u00a0<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/VefaGzTa\/\" alt=\"Crypto\" width=\"1814\" height=\"858\"><\/p>\n<p>Over the past nine days, following Donald Trump\u2019s election victory over Vice President Kamala Harris, the total crypto market cap valuation has risen to near the $3 trillion mark, currently valued at $2.8 trillion, following a retracement experienced by digital assets prices over the past 24 hours.<\/p>\n<p>Featured image from DALL-E, chart from TradignView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a significant challenge to the US Securities and Exchange Commission (SEC) and its regulatory approach toward the crypto industry, 18 states have filed a lawsuit against the agency and its commissioners on Thursday.\u00a0 SEC Accused Of \u2018Unfair Persecution\u2019 Of The Crypto Sector FOX journalist Eleanor Terret reported that this legal action accuses the SEC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2712","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2712"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2712\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}