Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
SEC ends appeal over crypto dealer rule expansion

SEC ends appeal over crypto dealer rule expansion

GrafaGrafa2025/02/20 09:00
By:Mahathir Bayena

The U.S. Securities and Exchange Commission (SEC) has dropped its appeal of a court ruling that blocked its attempt to expand the definition of a "dealer," a move seen as favorable for the crypto industry.

The SEC filed to voluntarily dismiss the appeal with the Fifth Circuit Appeals Court on February 19, a move that was unopposed.

The initial lawsuit was filed in April 2024 by the Blockchain Association and the Crypto Freedom Alliance of Texas.

The Texas court ruled that the SEC's proposed change to the definition of a dealer exceeded its statutory authority.

The SEC’s proposed change would have required crypto liquidity providers and automated market makers with over $50 million in capital to register with the agency.

The industry argued that the rule would have imposed impractical requirements on DeFi protocols, especially regarding Know Your Customer and Anti-Money Laundering laws.

The SEC's decision to drop the appeal is viewed as a victory for the crypto industry.

Blockchain Association CEO Kristin Smith hailed the decision as a "complete and total victory."

This move comes amid broader changes at the SEC following the departure of former Chair Gary Gensler.

Under acting chair Mark Uyeda, the SEC has formed a Crypto Task Force, led by Commissioner Hester Peirce, to develop a framework for digital assets.

The agency has also delayed or paused litigation against crypto firms, seemingly to reconsider these actions based on advice from the Crypto Task Force.

Some legal experts are calling the SEC's move the "death knell" for the dealer rule.

Cryptocurrencies reacted positively to the news, with Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and XRP (CRYPTO:XRP) showing gains.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!