Utah and 17 other states sued a federal agency over the way it regulates cryptocurrencies. The states say the federal agency in question overstepped its authority in doing so and should have left it to the states.
Kentucky Attorney General Russell Coleman led efforts on filing the suit against the Securities and Exchange Commission. It was filed Thursday. Coleman told Fox Business recently that through the election, Americans “rejected the weaponization of the federal government.”
“The Biden-Harris Administration’s unlawful crypto crackdown has targeted the tens of millions of ordinary people who are taking part in this vibrant digital market,” said Coleman. “Along with conservative AGs across the country, we’re filing this challenge to cut the bureaucracy down to size.”
Utah Attorney General Sean Reyes also helped lead the coalition of states in filing this suit. Reyes is the outgoing chair of the national Republican Attorneys General Association.
States like Louisiana, Missouri, Texas and Florida signed onto the suit as well as the DeFi Education Fund.