SEC’s Crypto Power Grab Challenged by Iowa-Led State Lawsuit
- Seven US States filed an amicus brief against the regulatory overreach of the SEC.
- The amicus brief argues that the SEC’s autocratic power thwarts US crypto lead and innovation.
- The States question the SEC’s authority, claiming that Congress has not given the agency the power to regulate crypto.
A coalition of seven U.S. states, led by Iowa Attorney General Brenna Bird, has filed a legal brief challenging what they deem as regulatory overreach by the Securities and Exchange Commission in the cryptocurrency sector. The brief, submitted on July 10, argues that the SEC’s actions are stifling innovation and jeopardizing the country’s leadership in the crypto space.
Notably, Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma supported the amicus brief arguing that the SEC’s autocratic rule is hindering the country’s efforts to maintain its crypto lead.
US states like Iowa have been at the forefront of implementing strategic moves to tackle the increasing number of scams and frauds in the crypto market. However, they view the SEC’s rules as stifling innovation and damaging the crypto market. They argued that the agency’s authoritarian power o…
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