Oklahoma Attorney General Gentner Drummond is among a handful of attorneys general who filed an amicus brief claiming the Securities and Exchange Commission (SEC) is taking unconstitutional action by trying to regulate cryptocurrency without Congressional approval. The brief was filed this week in the U.S. District Court for the Northern District of Texas.
The AG’s are not supporting either side in the federal lawsuit between a crypto exchange and the SEC, but instead are trying to point to the unconstitutional action the financial industry regulator is taking.
“This brazen federal overreach by the Biden Administration will significantly hinder Oklahoma from protecting our citizens from scams,” Drummond said. “Moreover, the SEC’s policing of cryptocurrency is certain to stifle innovation and devastate the growing industry. We will defend and protect our citizens from nefarious scammers, and we do not need the Biden Administration to play Big Brother in this regard.”
Iowa is leading the amicus brief and has been joined by Oklahoma, Arkansas, Kansas, Montana, and Nebraska.
