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.

The lawsuit says the Securities and Exchange Commission is overreaching and crypto regulation should be left up to the states.

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Eighteen Republican attorneys general sued the Securities and Exchange Commission (SEC) and Chair Gary Gensler on Thursday for allegedly overstepping the agency’s authority in its enforcement actions against the cryptocurrency industry.

A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.

The Attorneys General of 18 states have filed a lawsuit against the SEC and its Chair Gary Gensler over the financial regulator's "overreach" in regulating the crypto industry.

Eighteen states in the U.S. are officially fed up with the Securities and Exchange Commission, and they’re aiming their frustration right at SEC Chair Gary Gensler. That’s according to Fox Business journalist Eleanor Terrett.