Crypto Industry Lawsuit Seeks Supreme Court Ruling on SEC Authority
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A coalition of crypto companies filed a lawsuit seeking a declaration that crypto assets are not securities to force the Supreme Court to decide on the SEC's authority.
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The lawsuit was filed in a Texas federal court seen as conservative and crypto-friendly to increase the chances of a favorable ruling.
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The lawsuit argues the SEC is misinterpreting case law on what constitutes an "investment contract" that would make a crypto asset a security.
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A win could allow crypto companies to seize the initiative from the SEC in choosing when and where regulatory battles occur.
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The conservative Supreme Court majority has limited regulators recently, so the crypto industry sees an opportunity to challenge the SEC.