Drummond opposes SEC power to regulate cryptocurrency

OKLAHOMA CITY (KFOR) - Oklahoma Attorney General Gentner Drummond announced on Thursday his office is pushing back against an illegal power grab by the U.S. Securities and Exchange Commission (SEC) to regulate cryptocurrencies.

According to the AG's Office, the SEC’s attempt could result in keeping states from protecting their citizens from scams with an overreach of power that would put the federal agency in charge of regulating cryptocurrency, bypassing state consumer-protection laws. AG Drummond says, Congress never gave the SEC power to regulate cryptocurrency, and there is no accountability to ensure the actions the SEC takes are legitimate and necessary.

“This brazen federal overreach by the Biden Administration will significantly hinder Oklahoma from protecting our citizens from scams. Moreover, the SEC’s policing of cryptocurrency is certain to stifle innovation and devastate the growing industry. We will defend and protect our citizens from nefarious scammers, and we do not need the Biden Administration to play Big Brother in this regard.”

Attorney General Gentner Drummond

Attorney General Drummond's office concluded, states such as Oklahoma have been on the front lines in protecting scam victims and prosecuting criminal scammers.

Oklahoma is among a Iowa-led amicus brief alongside Arkansas, Indiana, Kansas, Montana and Nebraska.

Read the full amicus brief.