Lawsuit Filed Against SEC over ‘Dealer Rule’ by Blockchain Association and Crypto Activist Group
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Lawsuit Filed Against SEC over 'Dealer Rule' by Blockchain Association and Crypto Activist Group
The Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) have filed a lawsuit against the United States Securities and Exchange Commission (SEC) in the Northern District of Texas. Their aim is to challenge the SEC’s recent expansion of the “Dealer Rule,” which they argue is hindering innovation in the US digital asset market. The BA and CFAT claim that the SEC has exceeded its authority by broadly interpreting the term “dealer” in the Securities Exchange Act of 1934. The SEC’s new rules, adopted in February, redefine “dealer” and “government securities dealer,” requiring more participants in the crypto market to register and comply with securities laws. The lawsuit alleges that this expansion creates a burdensome regulatory environment that lacks clarity for businesses involved in digital asset trading. According to Kristin Smith, the CEO of the Blockchain Association, the SEC’s actions are unlawful attempts to regulate beyond its authority. The lawsuit seeks to overturn the Dealer Rule expansion based on violations of the Administrative Procedure Act (APA), which promotes fair and transparent rulemaking. The BA and CFAT are looking for a court order to prohibit the use of this rule against the industry. They represent a significant portion of the cryptocurrency industry, advocating for a national policy framework that supports innovation and responsible development in the digital asset space within the United States.
This lawsuit is a bold move to challenge the SEC’s overreaching regulations. The digital asset market needs clear and fair rules for sustainable growth. Go BA and CFAT! 💪✨
I’m thrilled to see the Blockchain Association and Crypto Freedom Alliance of Texas taking a stand against the burdensome regulations imposed by the SEC. Innovation must not be hindered!
Innovation shouldn’t be hindered by unnecessary regulations. Kudos to the BA and CFAT for standing up against the SEC’s overreach! Let’s hope this lawsuit leads to positive change.
This lawsuit is a waste of time and resources. The SEC is just doing its job to protect investors!
I wholeheartedly support the BA and CFAT in their quest to challenge the SEC’s excessive application of the term dealer. Let’s hope this lawsuit restores clarity and fosters innovation in the crypto market!
If the BA and CFAT want a fair and transparent rulemaking process, maybe they should participate in it instead of suing. 🤷♂️
The SEC’s actions are necessary to prevent money laundering and illicit activities in the digital asset market. Protecting investors should be a priority!
The BA and CFAT should stop trying to undermine regulations that are meant to protect consumers. It’s self-serving!
It’s about time someone stood up against the crypto industry and its lack of accountability. Kudos to the SEC!
It’s refreshing to see the BA and CFAT advocating for a national policy framework that promotes innovation and responsible development. A win in this lawsuit would be a major victory for the entire cryptocurrency industry! 🌟💥
This lawsuit is just a desperate attempt to maintain a wild west atmosphere in the digital asset market. It’s unacceptable! 🤠