The US Securities and Exchange Commission wants to “unilaterally wrest regulatory authority away from the States” when it comes to crypto, according to a lawsuit from 18 states. These states want to halt the SEC’s enforcement actions, so they can manage crypto regulation instead. Also named as a plaintiff on the suit is the DeFi Education Fund, a special interest lobbyist.

Controversial SEC chair Gary Gensler is named in the suit, along with other SEC commissioners. Gensler’s treatment of crypto during his time as chair has made him a punching bag for the industry — and for Republicans such as president-elect Donald Trump.

Gensler’s SEC has notched significant wins against the crypto industry — and in multiple court…