{"id":653295,"date":"2024-11-15T23:59:03","date_gmt":"2024-11-15T23:59:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=653295"},"modified":"2024-11-15T11:05:59","modified_gmt":"2024-11-15T11:05:59","slug":"crypto-vs-gensler-18-states-file-lawsuit-against-sec-over-alleged-industry-persecution","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-vs-gensler-18-states-file-lawsuit-against-sec-over-alleged-industry-persecution\/","title":{"rendered":"Crypto Vs. Gensler: 18 States File Lawsuit Against SEC Over Alleged Industry Persecution"},"content":{"rendered":"<p>For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. Gensler\u2019s aggressive regulatory approach has irked many in the industry, particularly the Ripple executives. Today, <a href=\"https:\/\/www.foxbusiness.com\/politics\/18-states-sue-sec-over-unconstitutional-overreach-digital-assets\" target=\"_blank\" rel=\"noopener nofollow\">critics are taking Gensler to court<\/a> over what they claim as the agency\u2019s \u201cgross government overreach.\u201d<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-rising-key-metrics-hint-at-serious-ethereum-competitor\/\" target=\"_blank\" rel=\"noopener \">Solana Rising: Key Metrics Hint At Serious Ethereum Competitor<\/a><\/div>\n<p>According to Eleanor Terrett of Fox Business, <a href=\"https:\/\/thehill.com\/policy\/technology\/4991491-gary-gensler-crypto-enforcement\/\" target=\"_blank\" rel=\"noopener nofollow\">18 states<\/a> are already frustrated with Gensler\u2019s management style, affecting the crypto industry. Republican attorney generals, including Kentucky&#8217;s Russell Coleman, are leading the lawsuit, arguing that the current SEC chair is bullying the sector.<\/p>\n<h2><strong>Lawsuit Argues That Gensler Is &#8216;Overstepping His Authority&#8217;<\/strong><\/h2>\n<p>The states\u2019 lawsuit reflects the growing discontent over Gensler\u2019s approach to crypto regulation. According to Attorney General Coleman, the agency is trying to remove the regulatory authority away from states on cryptocurrency enforcement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8SCOOP: 18 U.S. states have filed to sue the <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@SECGov<\/a> and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#crypto<\/a> industry under the leadership of agency chief <a href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@GaryGensler<\/a>.<\/p>\n<p>The lawsuit, signed by 18 Republican Attorneys General,\u2026 <a href=\"https:\/\/t.co\/wxOovuIRQH\" rel=\"nofollow\">pic.twitter.com\/wxOovuIRQH<\/a><\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/92936631?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 14, 2024<\/a><\/p><\/blockquote>\n<p>Gensler\u2019s <a href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/sec-chair-gensler-hints-at-resignation-amid-lawsuit-from-18-states-accusing-the-regulator-of-unlawful-overreach-202411150100\" target=\"_blank\" rel=\"noopener nofollow\">\u201cregulation by enforcement\u201d<\/a> removes the states\u2019 control over regulation and deprives them of the opportunity to define their economic policies. The attorneys further explained that the agency\u2019s crypto crackdown is intense, aggressive, and far removed from its original mandate.<\/p>\n<p>According to the petitioners, Gensler\u2019s management style is more about control than upholding the law or protecting consumers. The lawsuit aims to stop Gensler from aggressively attacking the industry and instead create clear and established rules for stakeholders.<\/p>\n<figure style=\"width: 1835px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/yaBXp4Q2\/\" width=\"1835\" height=\"883\"><figcaption class=\"wp-caption-text\">Total crypto market cap currently at $2.9 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<h2><strong>Gensler\u2019s Long-Running Feud With Crypto<\/strong><\/h2>\n<p>The crypto industry currently sees Gensler as its enemy. Immediately after becoming SEC chief, Gensler led investigations and inquiries against the most prominent crypto companies. He has consistently argued that many companies work in \u201clegal gray zones.\u201d<\/p>\n<p>Ripple Labs, the developer of XRP, has a <a href=\"https:\/\/www.lawyer-monthly.com\/2024\/11\/18-states-sue-sec-alleging-unconstitutional-overreach-in-cryptocurrency-crackdown\/\" target=\"_blank\" rel=\"noopener nofollow\">long-running feud with the SEC<\/a> over the sale of its digital token. The regulator has argued that the company broke the law by selling tokens (XRP) without registering these as securities.<\/p>\n<p>Last year, Ripple Labs scored a court victory when US district judge Analisa Torres found Ripple\u2019s XRP was covered by the country\u2019s securities law when marketed to institutional investors.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-price-watch-60-rally-catches-whale-attention-is-more-growth-ahead\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Price Watch: 60% Rally Catches Whale Attention \u2013 Is More Growth Ahead?<\/a><\/div>\n<h3><strong>Gensler Responds To Crypto-Related Issues<\/strong><\/h3>\n<p>Gary Gensler recently broke his silence and defended his record as Chairman of the SEC during remarks made last Thursday. He emphasized that courts have consistently supported the agency&#8217;s actions aimed at protecting investors, rejecting claims that the SEC lacks the authority to enforce securities laws.<\/p>\n<p>However, with Republican Donald Trump winning the selections, Gensler may have a few options left. Trump has consistently signaled his support for Bitcoin and cryptocurrencies and promised to replace him as SEC chair once he starts work in the Oval Office.<\/p>\n<p><em>Featured image from Fortune, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. Gensler\u2019s aggressive regulatory approach has irked many in the industry, particularly the Ripple executives. Today, critics are taking Gensler to court over what they claim as the agency\u2019s \u201cgross government overreach.\u201d Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor According to Eleanor Terrett of Fox Business, 18 states are already frustrated with Gensler\u2019s management style, affecting the crypto industry. Republican attorney generals, including Kentucky&#8217;s Russell Coleman, are leading the lawsuit, arguing that the current SEC chair is bullying the sector. Lawsuit Argues That Gensler Is &#8216;Overstepping His Authority&#8217; The states\u2019 lawsuit reflects the growing discontent over Gensler\u2019s approach to crypto regulation. According to Attorney General Coleman, the agency is trying to remove the regulatory authority away from states on cryptocurrency enforcement. \ud83d\udea8SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler. The lawsuit, signed by 18 Republican Attorneys General,\u2026 pic.twitter.com\/wxOovuIRQH \u2014 Eleanor Terrett (@EleanorTerrett) November 14, 2024 Gensler\u2019s \u201cregulation by enforcement\u201d removes the states\u2019 control over regulation and deprives them of the opportunity to define their economic policies. The attorneys further explained that the agency\u2019s crypto crackdown is intense, aggressive, and far removed from its original mandate. According to the petitioners, Gensler\u2019s management style is more about control than upholding the law or protecting consumers. The lawsuit aims to stop Gensler from aggressively attacking the industry and instead create clear and established rules for stakeholders. Gensler\u2019s Long-Running Feud With Crypto The crypto industry currently sees Gensler as its enemy. Immediately after becoming SEC chief, Gensler led investigations and inquiries against the most prominent crypto companies. He has consistently argued that many companies work in \u201clegal gray zones.\u201d Ripple Labs, the developer of XRP, has a long-running feud with the SEC over the sale of its digital token. The regulator has argued that the company broke the law by selling tokens (XRP) without registering these as securities. Last year, Ripple Labs scored a court victory when US district judge Analisa Torres found Ripple\u2019s XRP was covered by the country\u2019s securities law when marketed to institutional investors. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention \u2013 Is More Growth Ahead? Gensler Responds To Crypto-Related Issues Gary Gensler recently broke his silence and defended his record as Chairman of the SEC during remarks made last Thursday. He emphasized that courts have consistently supported the agency&#8217;s actions aimed at protecting investors, rejecting claims that the SEC lacks the authority to enforce securities laws. However, with Republican Donald Trump winning the selections, Gensler may have a few options left. Trump has consistently signaled his support for Bitcoin and cryptocurrencies and promised to replace him as SEC chair once he starts work in the Oval Office. Featured image from Fortune, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":653300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,16539,3799,9848],"class_list":["post-653295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-gary-gensler","tag-sec","tag-trump"],"acf":[],"yoast_head":"\n<title>Crypto Vs. Gensler: 18 States File Lawsuit Against SEC Over Alleged Industry Persecution<\/title>\n<meta name=\"description\" content=\"For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.\",\"sameAs\":[\"jomarjet01\"],\"url\":\"https:\/\/uniquehot.com\/author\/jomarjet01\/\"}]}<\/script>\n","yoast_head_json":{"title":"Crypto Vs. Gensler: 18 States File Lawsuit Against SEC Over Alleged Industry Persecution","description":"For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. Gensler\u2019s aggressive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/crypto-vs-gensler-18-states-file-lawsuit-against-sec-over-alleged-industry-persecution\/","og_locale":"en_US","og_type":"article","og_title":"Crypto Vs. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Vs. 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