7 U.S. States Challenge SEC’s Crypto Regulations in Iowa-Led Amicus Brief
A coalition of seven U.S. states has come together to challenge the Securities and Exchange Commission’s (SEC) regulation of cryptocurrency.
Led by Iowa Attorney General Brenna Bird, the states have filed an amicus brief arguing that the SEC’s attempt to regulate cryptocurrencies constitutes a “power grab” that would stifle innovation, harm the crypto industry, and exceed the agency’s authority.
The coalition includes Arkansas, Indiana, Kansas, Montana, Nebraska, with Oklahoma becoming the latest state to join.
The amicus brief was filed on July 10 as a united effort to push back against what the states perceive as overreach by the SEC.
According to the filing, the SEC’s actions could potentially impede states from safeguarding their citizens against scams and disrupt the functioning of the free market.
States like Iowa have been proactive in protecting victims of scams and prosecuting wrongdoers, and they view the SEC’s actions as an infringement on their jurisdiction.
“The Biden SEC is trying to prevent states like Iowa from doing their job to hold robbers to the law and protect families from the dangers of cryptocurrency scams,” the filing read.
“This power grab will also hurt the free market and allow the SEC to take the regulatory reins over the cryptocurrency industry with no accountability,” the announcement continues.”
The Iowa Attorney General’s Office asserts that the SEC’s actions are unlawful as the agency is circumventing Congress to assume new powers.
It contends that the SEC lacks the mandate to regulate cryptocurrencies, emphasizing the absence of accountability to ensure the legitimacy and necessity of the agency’s actions.
【7 US States Unite to Challenge SEC's Crypto Overreach】
Seven U.S. states have united in a
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