While the recent decline in Bitcoin (BTC) 
$80,879 prices has disappointed many cryptocurrency investors, a significant development has emerged in the regulatory arena. Two key events have taken place: SEC Chairman Gary Gensler hinted at his resignation in his first statement following Trump’s election, and a collective lawsuit has been filed against the SEC.
SEC Chairman Faces Legal Proceedings
Statements from the cryptocurrency community, resembling “You will be judged, Gary Gensler,” are now turning into reality after major crypto lawsuits. According to documents shared by Fox Business reporter Eleanor Terrett, 18 U.S. states have filed a lawsuit against the SEC and its commissioners.
The lawsuit accuses the SEC and its commissioners of overstepping their constitutional bounds and engaging in oppressive actions against the cryptocurrency industry under Chairman Gary Gensler’s leadership.
Signed by 18 Republican Attorneys General, the complaint details how the agency’s punitive actions against the $3 trillion sector represent “severe government overreach” and violate the states’ rights to regulate their economies.
This development could provide supportive momentum for a potential rise in BTC in the coming minutes.
