Eighteen states in the United States have jointly sued the SEC, accusing it of excessive regulation of the cryptocurrency industry.

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<p>According to a report from Fox Business journalist Eleanor Terrett on November 15, 18 states in the United States have jointly filed a lawsuit against the Securities and Exchange Commission (SEC) and its commissioners. The lawsuit, signed by 18 Republican state attorneys general, accuses the SEC, under the leadership of Chairman Gary Gensler, of implementing "serious government overreach" in the $3 trillion cryptocurrency industry, regulating through enforcement actions and infringing upon the states' rights to regulate their economies.</p>
<p>The lawsuit alleges that the SEC's regulatory actions against the cryptocurrency industry are unconstitutional and constitute unfair persecution. This marks the first collective legal action taken by U.S. states against the SEC's cryptocurrency regulatory policies, demonstrating strong dissatisfaction from local governments over the federal regulatory agency's enforcement methods in the cryptocurrency space.</p>
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