SEC Dismisses Appeal in Landmark Crypto Case

In a major development in the crypto industry, the Securities and Exchange Commission (SEC) has voluntarily dismissed its appeal of the lawsuit challenging the dealer rule, brought by the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT).

This move marks a significant victory for the entire crypto industry and signifies the end of the dealer rule. Blockchain Association CEO Kristin Smith welcomed the SEC’s decision, stating it highlights a shift in the agency’s approach to crypto regulation since former Chair Gary Gensler left.

> “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,” said Smith.

Smith added, “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.”

The case was originally filed in April last year, contesting the SEC’s attacks against the industry as it also sought to redefine its regulatory authority, a move criticized by the industry.