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Home»Regulation»US court strikes down SEC’s controversial ‘dealer’ rule
US court strikes down SEC's controversial 'dealer' rule
Regulation

US court strikes down SEC’s controversial ‘dealer’ rule

2024-11-21No Comments2 Mins Read
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A federal court has struck down the Securities and Exchange Commission’s (SEC) controversial dealer rule, in a major setback for the agency’s regulatory efforts in the crypto sector.

The U.S. District Court for the Northern District of Texas ruled on Nov. 21 that the SEC exceeded its statutory authority, invalidating the rule as a violation of the Exchange Act.

The decision came after the Blockchain Association and the Crypto Freedom Alliance of Texas (CFAT) challenged the rule in court, arguing that it unlawfully expanded the SEC’s jurisdiction and created uncertainty for digital asset innovators. The court agreed, describing the SEC’s definition of “dealer” as “unbound by the text, history and structure” of the law.

CEO of Blockchain Association Kristen Smith said:

“This ruling is a victory for the entire digital asset industry. The dealer rule was an attempt to unlawfully expand the SEC’s authority and stifle crypto innovation. Today’s decision limits this excess and secures the future of our sector.”

The SEC’s dealer rule, introduced earlier this year, aimed to broaden the scope of regulation for market participants who trade securities. Critics argued that the rule would impose heavy compliance burdens on blockchain developers and small businesses, stifling innovation in the fast-growing sector.

CFAT, a Texas-based trade group, joined the legal battle, calling the SEC’s actions a clear case of regulatory overreach.

Marisa Coppel, chief legal officer at the Blockchain Association, said:

“Litigation is never our first choice, but sometimes it is necessary to protect the sector from overzealous regulation. The court’s decision underlines the importance of respecting the limits of legal authority.”

The lawsuit, filed in April, marked a significant setback against what many in the digital asset community see as the SEC’s aggressive regulatory agenda. Industry leaders have repeatedly criticized the agency’s approach, accusing it of using enforcement actions and ambiguous rules to stifle innovation.

See also  UK Metropolitan Police hold $3,883,974,968 worth of Bitcoin (BTC) after seizure in 2018: Arkham Intelligence

The court’s ruling is expected to have far-reaching implications for the regulation of digital assets, indicating that judicial review of the SEC’s policies may be intensified. Supporters hope the decision will push lawmakers and regulators to adopt clearer and more balanced policies for the sector.

The Blockchain Association represents a coalition of crypto companies, investors and projects that advocate for innovation-friendly regulations. CFAT promotes digital asset policy in Texas and highlights the economic and technological benefits of blockchain development.

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