Attorney General Mike Hilgers has announced that Nebraska, alongside Kentucky, is spearheading an 18-state coalition challenging the Biden-Harris Administration's regulations on cryptocurrency. The lawsuit, filed in the U.S. District Court for the Eastern District of Kentucky, accuses the U.S. Securities and Exchange Commission (SEC) of exceeding its authority.
Recent data indicates that approximately one in five Americans, totaling over 50 million people, have acquired digital assets. An increasing number of businesses across the United States now accept Bitcoin and other digital currencies as payment for various goods and services.
The SEC has been criticized for what is perceived as a regulatory assault on crypto companies. The agency is accused of attempting to classify cryptocurrencies as investment contracts similar to stocks or bonds, which would place them under 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 the storage of cryptocurrency for consumers, investors, and businesses," stated Attorney General Hilgers. "Now, the Biden Administration’s SEC is introducing more red tape into this innovative and important financial sphere. I’m proud to join with Kentucky and co-lead this 18-state coalition to push back against federal overreach."
The coalition includes attorneys general from Arkansas, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, and West Virginia.