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18 states want the SEC to stop enforcing crypto regulation
This is just part of an ongoing turf war.
Gensler’s treatment of crypto during his time as chair has made him a punching bag for the industry — and for Republicans such as president-elect Donald Trump. “The ‘crypto’ nomenclature may be of recent vintage, but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years,” Failla wrote The states’ suit also argues that a precedent called the major questions doctrine means that the SEC shouldn’t litigate against the crypto industry without Congressional approval.
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