Controversial SEC chair Gary Gensler is named in the suit, along with other SEC commissioners. Gensler’s treatment of crypto during his time as chair has made him a punching bag for the industry — and for Republicans such as president-elect Donald Trump.

The lawsuit says the Securities and Exchange Commission is overreaching and crypto regulation should be left up to the states.

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A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.

Eighteen states have collectively filed suit against the SEC, Gary Gensler, and his fellow commissioners, alleging crypto regulatory overreach.

Eighteen Republican attorneys general sued the Securities and Exchange Commission (SEC) and Chair Gary Gensler on Thursday for allegedly overstepping the agency’s authority in its enforcement actions against the cryptocurrency industry.

A group of 18 state attorneys general, led by Kentucky Attorney General Russell Coleman, sued the Securities and Exchange Commission for its approach to regulating cryptocurrency, contending that the agency is overstepping its authority.