“The US Securities and Exchange Commission Has Been Overhauling ITS Digital Asset Legal Strategy, and this Week it Droped an appeal of the Crypto Dealer Rule.”, – WRITE: www.coindesk.com
The Sec Has Been In Reset Mode on Its Courtronic Entanglements with Crypto Issues As the Leadership Elegated by President Donald Trump Has Been Reversing Years of the Agency’s Adversarial. The Latest Move Was to Formally Drop the Appeal in A Case in Whole Blockchain Association and Crypto Freedom Alliance of Texas Sused the Sec and A Texas Fedral Judge.
“WITH NEW LEADERSHIP AT AGENCY LEADING TO TODAY’S Final Dismissal, We’re Looking Forward to Productive Conversations Between Industry And the Sec Moving Forward States, ”SAID BLOCKCHAIN Association CEO Kristin Smith, In A Statement.
The Rewritten Dealer Rule Was One of the Agency’s Major Efforts at Crypto Rulemaking Under the Tenure of Former Chairman Gary Gensler Were Sufficient to Handle the Oversight of the Digital Assets Space. The Industry’s Position Was That Rule Made Untenable Demands on Decentralized Finance (Defi) and Also Roped in Crypto Traders Who Didn’t Offer Dealer Services.
“The Court Found that Commission’s Rule would classify nearly any person persons and sells securities as a ‘dealer,’ expanding beonding it the statutory Authority, ‘an Secman Appeal Because Continuing to Pursue It Had the Risk of Reducing Liquidity in the Treasury Markets, Making Them More Volatile, and Increasing Debt for TaxPayers. ”
Since Being Installed As the Sec’s Acting Chairman, Mark Uyeda, Has Begun to Aggressely Overhaul The Agency’s Senior Staff and Its Legal Approach to the Crypto Sector. He’s Set to be Replaced Whenever Trump’s Permanent Pick, Paul Atkins, Can Be ConfirMed by the Us Senate, Thought Atkins is Expectioned to Continue in the Same Path.
Earlier this month, the Sec Also Sounght to Pause ITS Enforcement Fight with Binance Over the Agency’s Acusations of Securities Violations so the Matter Could be Resolved in Anatohar.
Read More: US Sec Loses Crypto Lawsuit Over ‘Dealer’ Definition That Pusted Into Crypto
Update (February 20, 2022, 19:06 UTC): Adds Comment from the Securities and Exchange Commission.
X Icon
