18 States Sue SEC Over Crypto 'Regulatory Landgrab,' Gensler Releases Statement Amid Exit Calls

SEC Chair Gary Gensler refused to clarify the status of Ether as a security or a commodity during a Congress hearing last year. U.S. House Committee on Financial Services YouTube | Oversight of the Securities and Exchange Commission (EventID=115751) (Credit: U.S. House Committee on Financial Services YouTube Channel/Screenshot)

KEY POINTS

• The lawsuit referred to the SEC's sweeping claims of jurisdiction over digital assets as 'untenable'
• It also criticized the SEC's actions against crypto that were allegedly implemented 'without congressional authorization'
• Gensler on Thursday released a statement that seemed to hint his potential resignation

Eighteen U.S. states, led by Nebraska and Kentucky, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) "for overstepping its authority" through its "unlawful" regulations targeting the cryptocurrency industry.