SEC drops appeal against ruling that blocked controversial crypto broker-dealer rule
The United States Securities and Exchange Commission voluntarily withdrew his appeal against a decision by the Federal Court of Texas which canceled its broker rule which sought to extend the monitoring of the agency.
The Commission appealed the decision after the American district judge Reed O’Connor of the Northern Texas District find that the SEC had “exceeded its statutory authority” with the rule.
Politics, finalized for the first time in February 2024, wanted to classify Decentralized financing platforms, liquidity suppliers and automated market manufacturers with more than $ 50 million in capital as dealers, subjecting them to registration requirements.
O’Connor ruled that the DRI approach was “not attached” to the American securities law, defending itself with industrial groups that have challenged the regulations.
The Blockchain Association and the Crypto Freedom Alliance of Texas argued that the rule would impose charges of conformity impracticable to the DEFI protocols, which lack central operators capable of applying your customer and your anti-flowage requirements.
On February 19, the dry filed an opinion With the fifth Circuit Court of Appeals, declaring that it was “to voluntarily reject this call”, thus ending the legal dispute.
Kristin Smith, CEO of the Blockchain Association, praised the decision of the SEC, describing it as a turning point for the agency after the regulatory repression of former president Gary Gensler against the crypto.
It described the rule of the CROIR of the dry as an “illegal takeover” which tried to redefine the statutory authority of the agency without appropriate justification.
The retreat of the dry on the broker’s rule is only the last sign of the exchange tide in the approach of Washington in crypto. Gensler out of the photo, the agency has been corrected by major lessons under a new leadership.
President Donald Trump no lost time Shake things and refocus the dry away from the aggressive repression of cryptography. Theater chair Mark Uyeda He has since directed the agency towards a more measured approach, referring to the litigation efforts which defined the mandate of peopleler.
And the rule of the naked broker is not the only application of the law in the realization of the cold shoulder – large -scale cases against eminent cryptographic companies as Binance And Coinbase has now been put break.
Post Comment