U.S. SEC Loses Crypto Lawsuit Over 'Dealer' Definition That Pushed Into Crypto
Powered by @unfolded- The U.S. District Court for the Northern District of Texas has ordered the SEC to discard its recently finalized "dealer" rule, which expanded the definition of a securities dealer to include certain cryptocurrency firms.
- The ruling was issued in response to a lawsuit from the Blockchain Association and the Crypto Freedom Alliance of Texas, asserting that the SEC overstepped its authority.
- This decision is a significant legal defeat for SEC Chair Gary Gensler, who announced his resignation on the same day, despite previously highlighting the agency's legal successes against the crypto industry.
- Blockchain Association's CEO described the ruling as a victory for the crypto industry, emphasizing that it curtails the SEC's attempts to impose overly broad regulations.