Eighteen U.S. states, led by Kentucky, have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its commissioners, including Chairman Gary Gensler, over what they describe as 'unconstitutional overreach' in the regulation of the cryptocurrency industry. The lawsuit, which was filed in collaboration with the crypto advocacy group @fund_defi, accuses the SEC of unfairly targeting the crypto sector under Gensler's leadership. The states, represented by 18 Republican Attorneys General, allege that the SEC has exerted regulatory pressure beyond its authority, infringing upon states' rights to enforce regulations within the crypto industry. The legal action challenges the SEC's approach to digital assets, claiming it defies basic principles of federalism and separation of powers. This development was reported by Fox Business's Eleanor Terrett.