The U.S. Securities and Exchange Commission (SEC) has voluntarily dropped its appeal in the lawsuit challenging the dealer rule, securing a decisive victory for the Blockchain Association (BA), the Crypto Freedom Alliance of Texas (CFAT), and the broader cryptocurrency industry.
The motion to dismiss, filed on Feb. 19 in the U.S. Court of Appeals for the Fifth Circuit, marks the end of the legal battle initiated by BA and CFAT in April 2024, which argued that the SEC had overstepped its regulatory authority. The motion, signed by SEC Senior Special Counsel Samuel B. Goldstein, states that both parties agreed to bear their own costs in the matter.
Blockchain Association CEO Kristin Smith hailed the decision as a turning point for the SEC under its new leadership, stating:
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. 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 explained. BA and CFAT had previously contended that the SEC’s enforcement approach constituted arbitrary rulemaking that unfairly targeted the digital asset sector.
Following Gary Gensler’s resignation, President Donald Trump appointed Mark T. Uyeda as Acting Chairman of the SEC. In a significant policy shift, Uyeda established a Crypto Task Force led by Commissioner Hester Peirce, known for her pro-crypto stance. This task force aims to develop a clear regulatory framework for digital assets, moving away from the previous enforcement-centric approach. The initiative aligns with President Trump’s commitment to fostering a crypto-friendly environment in the United States. In tandem, the SEC has paused ongoing litigation against major crypto exchanges, including Binance and Coinbase, to reassess regulatory strategies under the new task force’s guidance.
Marisa Coppel, Head of Legal at BA, emphasized the significance of litigation in defending the industry, stating: “Litigation is a critical tool Blockchain Association has to defend the industry against regulatory overreach. We were proud to file this lawsuit on behalf of our members and the entire industry.” She opined:
Today, we celebrate this resounding victory for the innovators, entrepreneurs, and builders across America.
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