Office of Attorney General Mike Hilgers
Lincoln – Attorney General Mike Hilgers announced that Nebraska and Kentucky are jointly leading an 18-state coalition to challenge the Biden-Harris administration’s illegal and sweeping cryptocurrency regulations. In a lawsuit filed in the U.S. District Court for the Eastern District of Kentucky, attorneys general and other parties sued the U.S. Securities and Exchange Commission (SEC) for exceeding its authority.
Recent estimates show that about one in five Americans – or more than 50 million people – have acquired a digital asset. More U.S. businesses now accept Bitcoin and other digital assets as payment for everything from groceries to plane tickets to real estate.
Despite previous actions and public statements from the SEC and its chairman, the agency has launched a regulatory attack on crypto companies. The SEC has overstepped its congressional authorization and is attempting to classify cryptocurrencies as investment contracts – like stocks or bonds – subject to SEC regulation.
“Nebraska has been a leader and innovator in encouraging the use of digital assets and blockchain technology, including a recent state law encouraging cryptocurrency storage for consumers, investors and businesses. Today, the Biden administration’s SEC is introducing more red tape into this innovative and important financial sphere. I am proud to join Kentucky and co-lead this 18-state coalition to fight federal government overreach,” said Attorney General Hilgers.
Nebraska and Kentucky are joined by the attorneys general of Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah and West Virginia.
