Nebraska Attorney General (AG) Mike Hilgers has announced that him and Kentucky AG Russell Coleman will be co-leading an 18-state coalition challenge to new regulations on cryptocurrency put forth by the U.S. Securities and Exchange Commission (SEC).
In the lawsuit filed in the U.S. District Court for the Eastern District of Kentucky, the attorneys general and other parties allege the SEC has overstepped it’s authority.
“The SEC overstepped its authorization from Congress and is attempting to classify cryptocurrencies as investment contracts – like stocks or bonds – that are subject to the SEC’s regulation,” said Hilgers in a statement shared with KLIN News. “Nebraska has been a leader and innovator in encouraging the use of digital assets and blockchain technology, including a recent state law encouraging the storage of cryptocurrency for consumers, investors, and businesses. Now, the Biden Administration’s SEC is introducing more red tape into this innovative and important financial sphere.”
Joining Nebraska and Kentucky are attorneys general from Arkansas, Florida, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, and West Virginia.