Ahead of an expected regulatory leadership transition following the election of Donald Trump, 18 states have filed suit against the Securities and Exchange Commission (SEC) and its commissioners, including Chairman Gary Gensler, over its crackdown on the crypto industry.

Filed Thursday, the suit from 18 states and their respective Attorneys General—all Republicans—and the DeFi Education Fund alleges substantial overreach by the regulator in applying securities law.

Editor's note: This story is breaking and will be updated with additional details.

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