【Texas Court Orders SEC to Repeal Controversial Rule Redefining 'Dealer' Term】November 22 news, a Texas court has ordered the U.S. Securities and Exchange Commission (SEC) to repeal a controversial rule that broadly redefined the term 'dealer', impacting the cryptocurrency industry and traditional financial firms. This rule was passed in February with a 3 to 2 vote by SEC committee members, and the court found that the rule exceeded the SEC's statutory authority. Traditionally, a dealer refers to an entity that buys and sells securities for its own account, rather than trading on behalf of others. The SEC's expanded definition aimed to include any entity that has the effect of providing market liquidity, particularly in the U.S. Treasury market. Participants in the cryptocurrency industry initially objected to the rule, as a footnote in the original proposal explicitly stated that entities involved in 'cryptocurrency securities trading' would need to comply with securities laws, register with the SEC, and join industry-supported self-regulatory organizations. In other words, the expanded interpretation effectively eliminated the traditional distinction between 'trader' and 'dealer'.（The Block）

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