Pi

Fox reporter: Attorneys General from 18 states in the U.S. have filed a lawsuit, accusing the SEC of overstepping its authority and "persecuting" the cryptocurrency industry

ChainCatcher news, according to Fox Business reporter Eleanor Terrett, 18 states in the U.S. have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its commissioners, accusing them of unconstitutional overreach and unfair "persecution" of the crypto industry under the leadership of SEC Chairman Gary Gensler.The lawsuit, signed by 18 Republican state attorneys general, details how the agency has engaged in "severe government overreach" through enforcement actions against the $3 trillion industry, infringing upon the states' authority to regulate their own economies.The 18 Republican state attorneys general are asking the court to declare that "digital asset transactions are not investment contracts" and to issue an order preventing the SEC from bringing future charges against "digital asset platforms that fail to register as exchanges, dealers, brokers, or clearing agencies." According to the complaint, many states have already developed their own regulatory frameworks for the crypto industry and encourage its growth.According to Nebraska Attorney General Mike Hilgers, Nebraska and Kentucky are jointly leading a coalition of 18 states challenging the Biden-Harris administration's illegal and broad regulation of cryptocurrencies. In a lawsuit filed in the U.S. District Court for the Eastern District of Kentucky, the state attorneys general and other parties accuse the SEC of exceeding its authority.Despite the SEC and its chairman previously taking actions and making public statements, the agency has launched a regulatory offensive against crypto companies. The SEC has exceeded the authority granted by Congress, attempting to classify cryptocurrencies as investment contracts to bring them under SEC regulation.In addition to Nebraska and Kentucky, the participating states include Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, and West Virginia.

Opinion: If D.O.G.E operates as a government agency, Musk needs to divest his business interests or avoid related matters

ChainCatcher news, according to Fortune, U.S. President-elect Donald Trump has announced the appointment of billionaire Elon Musk and Vivek Ramaswamy to lead the newly established "Department of Government Efficiency" (D.O.G.E). The department's name is a nod to Dogecoin and will work with the White House Office of Management and Budget to promote structural reforms in government.Ann Skeet, Director of Leadership Ethics at Santa Clara University's Markkula Center, pointed out that Musk's business interests are in direct conflict with government interests. Musk's companies have close ties to the government: SpaceX holds over $4 billion in NASA lunar program contracts; Tesla benefits from government tax incentives and is also subject to automotive safety regulations; the social platform X is facing investigations by the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC); other businesses like the artificial intelligence company xAI, brain-machine interface company Neuralink, and tunneling company Boring all intersect with federal regulation.Richard Painter, a former White House ethics lawyer during the Bush administration, stated that if DOGE operates as a government agency, Musk would need to divest his business interests or recuse himself from related matters, unless Trump grants a rare exemption. Automotive safety advocates are concerned that efficiency reforms led by Musk could undermine the functions of regulatory agencies like the National Highway Traffic Safety Administration (NHTSA).
ChainCatcher Building the Web3 world with innovators