The Securities and Exchange Commission already has the crypto industry and the crypto industry over rules that would have expanded its definition of a regulated securities dealer to include broad digital asset management. We have lost the legal battle.
The leadership raised by President Donald Trump has reversed years of institutional adversity, and the SEC is in reset mode with court entanglements with crypto issues. The latest move was to formally remove the appeal if the Blockchain Association and the Texas CryptoFreedom Alliance sued the SEC.
“With new leadership in the institutions that lead to today’s final firing, we look forward to productive conversations to move forward for the industry and the SEC and a bright future for US digital assets,” the statement said.
The rewritten dealer rules are one of the agencies’ main efforts in creating crypto rules based on former chairman Gary Gensler’s term, with existing laws sufficient to handle monitoring of digital asset space. It was made with something in mind. The industry’s position was that the rules made unacceptable requests for distributed finance (DEFI), and even crypto traders who did not provide dealer services had roped up.
“The court has found that the Commission’s rules classify almost anyone who purchases and sells securities as “dealers” and categorizes them beyond the legal authority,” an SEC spokesman said Thursday. The risk of reducing liquidity in the Ministry of Finance market, making them more unstable and increasing taxpayer debt. ”
Since being established as Mark Uyeda, acting chairman of the SEC, it has begun to actively overhaul the agency’s senior staff and legal approach to the crypto sector. He will be replaced whenever Trump’s permanent pick, Paul Atkins, can be confirmed in the US Senate, but Atkins is expected to continue the same path.
Earlier this month, the SEC also tried to suspend its enforcement fight against institutional charges for securities violations, allowing the issue to be resolved in a different way.
Read more: US Sec loses crypto lawsuit against definition of “dealer” shoved into code
Update (February 20, 2022, 19:06 UTC): Add a comment from the Securities and Exchange Commission.