Oklahoma Attorney General Gentner Drummond is part of a 18-state lawsuit against the federal Securities and Exchange Commission (SEC) for what the suit calls “unlawful and sweeping regulations of cryptocurrency.”
Drummond contends the SEC has overstepped its Congressional authority in its attempt to classify cryptocurrency as investment contracts which would make it subject to the Commission’s regulations.
“We should be encouraging this vibrant, new digital asset industry for its ability to innovate, create jobs and make financial services more accessible for millions of Americans,” Drummond said. “This regulatory overreach by the Biden Administration means to reach into the wallets of hardworking Oklahomans, and we will oppose it vigorously.”
The lawsuit was filed in the U.S. District Court of the Eastern District of Kentucky.
