The attorneys general of 18 states in the United States have jointly initiated a lawsuit, accusing the SEC of overstepping its regulatory authority over cryptocurrencies at the state level.

According to Foresight News, FOX reporter Eleanor Terrett stated on social media that "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 treatment of the crypto industry under the leadership of Chairman Gary Gensler. The lawsuit, signed by 18 Republican state attorneys general, details how the agency has severely overstepped government authority through enforcement actions against an industry valued at 3 trillion dollars, infringing upon states' rights to regulate their economies." The lawsuit seeks a court declaration that digital asset trading is not an investment contract and requests an order to prevent the SEC from prosecuting digital asset platforms that fail to register as exchanges, dealers, brokers, or clearing agencies in the future.

Eighteen state attorneys general in the United States have jointly filed a lawsuit, accusing the SEC of overstepping its authority in regulating cryptocurrencies at the state level.