The court invalidates the SEC’s Dealer Rule, citing it as unlawful agency overreach.
Ruling safeguards digital asset markets from regulatory overreach and promotes fair practices.
Blockchain Association and Crypto Freedom Texas celebrate a landmark victory for the industry.
A U.S. District Court struck down the SEC’s controversial Dealer Rule, declaring it exceeded the SEC’s statutory authority under the Exchange Act. The court sided with the plaintiffs, including key industry stakeholders, who argued the SEC unlawfully expanded the definition of “dealer” to include entities and activities not covered by the statute.
DEALER RULE STRUCK DOWN! SEC exceeded its statutory authority. HUGE win for the entire industry @BlockchainAssn and @CryptoFreedomTX !!! pic.twitter.com/Zv1Mhv1uwl
— Marisa Tashman Coppel (@MTCoppel) November 21, 2024
Siding with the plaintiffs, the court found the rulemaking lacked legal principles or historical precedent. It emphasized the importance of adhering to statutory limits, especially in a dynamic area like crypto. The court concluded the SEC’s broad interpretation of “dealer” created unnecessary burdens for digital asset mar…
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