Claiming the U.S. Securities Exchange Commission (SEC) is violating existing state laws in its attempt to regulate cryptocurrencies, Utah Attorney General Sean Reyes has joined the state in a lawsuit in which 17 other states are trying to stop the federal action. The states are arguing that regulatory authority should be left to states.
Reyes did not run for reelection the cycle and will be replaced in January by Republican Derek Brown, who won election to the post in the November election.
Many states have passed their own regulations surrounding cryptocurrency, a form of digital, decentralized currency that works through a computer network and doesn’t rely on a bank or government. But the SEC, according to the complaint, “has not respected this allocation of Please log in to see the rest of this story.
