In a major development in the crypto industry, the Securities and Exchange Commission (SEC) has voluntarily dismissed its appeal of the lawsuit challenging the dealer rule which was brought by the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT).
The move marks a significant victory for the entire crypto industry while it also signifies the end of the dealer rule. Blockchain Association CEO Kristin Smith welcomed the decision by SEC adding this highlights a shift in the approach at the agency towards crypto regulation since former chair Gary Gensler left.
“It’s a new day at the SEC following former Chair Gensler’s crusade against crypto – today’s voluntary dismissal by the agency is welcome news. We first brought our lawsuit against the SEC to challenge the agency’s unlawful power grab, which sought to unilaterally redefine the boundaries of its statutory authority,” said Smith.
“With new leadership at the agency leading to today’s final dismissal, we’re looking forward to productive conversations between industry and the SEC moving forward – and a brighter future for digital assets in the United States,” she added.
The case was originally filed in April last year, contesting the SEC’s attacks against the industry as it also sought to redefine its regulatory authority, which was criticized by the industry.
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