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GM Explorer,
SEC Chair Gary Gensler’s fate hangs in the balance, and amidst the uncertainty, 18 states are suing the SEC over unconstitutional conduct under Gensler’s reign.
Here’s what we got for you today:
⚖️ Major lawsuit against SEC!
🧱 Around The Block: Pennsylvania House introduces bill to implement a strategic bitcoin reserve.
⚖️ Major Lawsuit Against SEC!
With a new administration taking office soon, SEC Chair Gary Gensler’s future is in limbo, but maybe not for long.
Earlier this year, at Bitcoin Nashville, Trump said he would fire Gary Gensler and appoint a new SEC chairman on his first day in office.
Trump is now President-elect, but it seems Gensler may beat him to the punch.
Gensler gave what sounded like a resignation speech in an address at the Practising Law Institute’s 56th Annual Institute on Securities Regulation.
He defended his actions against the industry, stating in his words:
“Court after court has agreed with our actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form."
He then expressed that it had been his honor to serve and thanked the SEC staff and his family.
It sure sounds like a goodbye, doesn’t it?🤷♀️
But the bigger news is that 18 states are suing the SEC; yep, you read that right!
The lawsuit, jointly filed by 18 Republican attorneys general, alleges that the agency’s industry-wide crackdown on U.S. crypto companies under Gensler’s leadership is unconstitutional.
They claim it violates the fundamental principles of federalism, which ensure that government agencies operate within their constitutional roles.
Also, the suit alleges the unfair persecution of the crypto industry.
It details how Gensler’s stance that most cryptocurrencies are securities and fall under the SEC’s purview has sparked many lawsuits against major players like Coinbase, Kraken, Ripple, and Consensys.
Yikes! These are some pretty damning allegations that the SEC has to deal with.
As all of this unfolds, one big question looms—with a potential shift in the SEC’s leadership on the horizon, how will the lawsuit progress?
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