A federal judge has approved a motion to suspend the lawsuit filed by a group of state lawyers -general and the Advocacy Group Defi Education Fund against the US Securities and Exchange Commission (SEC).
The complaint submitted in November claims that the SEC outside its authority has acted in the submission of enforcement actions against Crypto exchanges, with the argument that the power that the supervisor claims about digital assets belongs to individual states.
‘[W]Ithout Congress Authorization has tried to unilaterally fill the legal authority away from the States by a current series of enforcement actions that focus on the digital assets industry, based on the theory that almost all purchases and sale of digital assets’ investment contracts’ investment contracts’. “
On April 16, Judge Gregory van Tatenhove of the eastern district of Kentucky ordered a 60-day break about the deadlines and legal proceedings with regard to the case after the appointment of pro-Crypto-causer Paul Atkins as the new SEC chairman.
The development comes when the SEC uses a friendlier approach to the digital assets industry. The Securities Watchdog has already dropped many important crypto cases, including those involving the blockchain payment company Ripple and the crypto exchange Kraken.
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