In the latest action on July 10th, a coalition of seven states including Arkansas and Indiana have challenged the SEC's attempt to expand its regulatory power over the cryptocurrency industry as illegal. They argue that such actions could stifle technological innovation and allow fraudulent activities to continue. They point out that the SEC has unilaterally expanded its responsibilities without authorization from Congress, violating the Administrative Procedure Act and the Major Questions Doctrine. The coalition is calling on the court to prevent the SEC from exceeding its statutory limits and clearly stating that typical cryptocurrencies do not constitute investment contracts under the Securities Exchange Act of 1934.