The Securities and Exchange Commission (SEC) and its Chairperson Gary Gensler are the subjects of a lawsuit from 18 US States accusing the agency of regulatory overreach.

In a Thursday disclosure, FOX Business reporter Eleanor Terrett confirmed the lawsuit, signed by the Attorney Generals of the 18 US States and filed at the US District Court for the Eastern District of Kentucky, Frankfort Division.

Notably, the plaintiffs accuse the US SEC and Gensler of imposing laws beyond their jurisdiction and, hence, wrestling regulatory authorities off the states. 

Interestingly, Republican Attorneys represented the 18 US States, including Nebraska, Tennessee, West Virginia, Texas, Louisiana, Florida, and Montana, in collaboration with the DeFi Education Funds.

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