Already losing its legal battle with the crypto industry about a rule that would have expanded the definition of regulated securities dealers to include a large number of digital assets, the US Securities and Exchange Commission has abandoned its appeal.
SEC has been in reset mode in its courtroom Crypto -questions Magazines, as the management, raised by President Donald Trump, has turned years of the agency’s conflicting attitude. The latest step was formally handing over the appeal in a case in which the Blockchain Association and Crypto Freedom Alliance in Texas defendant Sec, and a federal judge in Texas agreed that the regulator “exceeded his statutory authority.”
“With new leadership of the agency leading to today’s last dismissal, we look forward to productive conversations between industry and SEC that move on – and a brighter future for digital assets in the United States,” Blockchain Association CEO Kristin Smith said in a statement .
The rewritten dealer rule was one of the agency’s greatest efforts to Crypto Rulemaking during the term of office of former President Gary Gensler, and it was designed with the agency’s long -standing attitude in mind that existing laws were sufficient to handle the supervision of digital assets. The industry’s position was that the rule made unsustainable requirements for decentralized funding (DEFI) and also roped in crypto traders that do not offer dealer services.
“The court found that the Commission’s rule would classify almost any person who buys and sells securities as a” dealer “that extends beyond his statutory authority,” a SEC spokesman said on Thursday. “We rejected the appeal because it continued to pursue it had the risk of reducing liquidity in the treasury markets, making them more unstable and increasing debt to taxpayers. “
Since being installed as SEC’s acting chairman, Mark Uyeda, has begun to aggressively review the agency’s senior workers and its legal approach to the crypto sector. He is ready to be replaced when Trump’s permanent election, Paul Atkins, can be confirmed by the US Senate, although Atkins is expected to continue on the same path.
Earlier this month, SEC also tried to pause his enforcement struggle with Binance on the agency’s allegations of securities violations so that the case could be resolved in a different way.
Read more: US SEC Misters Krypto -Law Case over ‘Dealer’ Definition that pushed into Krypto
Update (February 20, 2022, 19:06 UTC): Adds comment from Securities and Exchange Commission.
