U.S. Court Sides with Crypto Advocates, Rules Against SEC
by aria-crypto.com
November 21, 2024 at 20:12
U.S. Court Sides with Crypto Advocates, Rules Against SEC
In a significant legal victory for the cryptocurrency industry, the U.S. District Court for the Northern District of Texas struck down an expanded definition of "dealer" by the U.S. Securities and Exchange Commission (SEC), ruling it as an overreach. This judgment, favoring decentralized finance (DeFi) platforms, prevents these entities from being classified similarly to traditional securities brokers. The Blockchain Association and the Crypto Freedom Alliance, who filed the lawsuit, argued that the SEC's rule imposed unrealistic demands on DeFi systems, lacking statutory authority. This has important implications for future regulatory approaches to crypto, amidst evolving market dynamics. Additionally, the court's decision came shortly before SEC Chair Gary Gensler announced his resignation, enriching the backdrop of regulatory and political shifts impacting the crypto landscape. The decision serves as a potential pivot point for less stringent governmental control over the cryptocurrency industry in the United States.
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