State attorneys general argue SEC overstepped in Kraken lawsuit
Attorneys general from numerous states filed a brief that calls out the SEC for its enforcement action against the Kraken crypto exchange, saying it used “undelegated authority.”
Eight state attorneys general in the United States filed a joint amicus brief which argues that the Securities and Exchange Commission (SEC) has overstepped its delegated power in the lawsuit against the cryptocurrency exchange Kraken.
The brief was filed on Feb. 29 by officials from Arkansas, Iowa, Mississippi, Montana, Nebraska, Ohio, South Dakota and Texas, along with other participants including industry lobbyists.
According to the filing, state officials said that it is not in support of either of the parties, rather it “opposes the SEC’s regulation of crypto assets absent an investment contract because Congress has not delegated this authority to the SEC.”
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