According to Fox Business reporter Eleanor Terrett, 18 U.S. states have filed lawsuits accusing the Securities Exchange Commission and its commissioners, under the leadership of agency head Gary Gensler, of overstepping their authority and illegally persecuting the cryptocurrency industry. The lawsuit, signed by 18 Republican attorneys general, details how the agency committed "serious government overreach" against the $3 trillion cryptocurrency industry through enforcement actions that violated states' right to regulate their economies.