18 States Challenge SEC's Crypto Regulations in Major Lawsuit

Eighteen U.S. states have filed a lawsuit against the Securities and Exchange Commission (SEC), challenging its authority to regulate the cryptocurrency industry and seeking to halt its enforcement actions. The states, along with the DeFi Education Fund, argue that the SEC's jurisdiction over digital assets is overreaching and should be managed at the state level. The lawsuit also questions the SEC's authority under the major questions doctrine, a point previously dismissed in other cases. This legal battle highlights the ongoing conflict over crypto regulation between state and federal authorities.