A U.S. appeals court overturned an SEC rule that forced hedge funds and private equity firms to be more transparent about their fees and expenses, saying the SEC's practices exceeded the authority of Congress. On June 5, three judges on the U.S. Court of Appeals for the Fifth Circuit unanimously ruled against the SEC. Six industry groups challenged the rule, passed in August, arguing that it would increase compliance costs and revolutionize the way the industry operates. Judge Kurt Engelhardt wrote on behalf of the three judges that the SEC "exceeded its statutory authority." "The final rule was promulgated without authorization, and no part of it is tenable." In a series of lawsuits against cryptocurrency companies, the SEC has argued that many cryptocurrencies are securities within its purview and defines them using a legal framework known as the Howell test. Cryptocurrency companies have countered by arguing that the SEC has no authority to regulate cryptocurrencies without explicit congressional approval. The SEC is currently facing possible action by Congress that could alter its claimed authority over the U.S. cryptocurrency industry.