Republican AGs Pen Amicus Challenging SEC’s Authority to Regulate Crypto

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  • A group of 7 Republican AGs filed an amicus brief with the U.S. District Court for the Northern District of Texas in a litigation between the SEC and a company in the cryptocurrency space, arguing that the SEC does not have enforcement authority over cryptocurrencies.
  • In the amicus brief, the AGs state that, while they take no position on the conduct or business practices of the specific company at issue, the SEC lacks authority to regulate the sale of cryptocurrencies because cryptocurrencies are not investment contracts, and by taking enforcement actions against cryptocurrency companies, the SEC has exceeded its authority under the Securities Act of 1943 and sought to regulate an entire new sector via enforcement action.
  • The AGs ask the court to hold that cryptocurrencies are not investment contracts under the Securities Act.
  • We have previously covered a comment written by a group of Republican AGs opposing an SEC proposed rule to expand its authority to regulate cryptocurrencies
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