Several industry leaders and groups, including the Blockchain Association (BA) and CFAT, have filed a lawsuit against the SEC today challenging its newly expanded Dealer Rule. This rule, initially aimed at dealers in US Treasuries, has been criticized for potentially extending the SEC's regulatory reach into the decentralized finance (DeFi) sector. Critics argue that the rule is more confusing than clarifying, and they are seeking a court order to strike it down, claiming it unlawfully infringes on DeFi.
What's going on today? Crypto industry groups sue in Texas to challenge SEC's 'dealer' rule; And, US reaches $138.7 million civil settlement with victims of Larry Nassar. Subscribe to The Afternoon Docket: https://t.co/9HSJ5xQsef https://t.co/ACkdsvN4mh
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In Feb, the SEC adopted a rule aimed at dealers in US Treasuries. But the rule could also see some in DeFi drawn into the SEC's regulatory umbrella. The @BlockchainAssn and others are now suing the SEC over the rule. More on the rule here 👇 https://t.co/yMo320sm4v
Our industry is at the forefront of economic innovation, and clear guidance from federal agencies is critical. That’s why we’re challenging the SEC’s expanded Dealer Rule, which provides more confusion than clarity. We are asking the court to strike down this rule. https://t.co/Tb2fbhJLfY
The SEC’s dealer rule is an unlawful infringement on DeFi and in this lawsuit - filed today - the industry will prevail. https://t.co/hETP9bYIgs Thanks to BA and CFAT for their continued leadership. https://t.co/Rf53ESwnb3