The Blockchain Association and the Crypto Freedom Alliance of Texas have filed a lawsuit against the U.S. Securities and Exchange Commission, alleging that its expanded definition of “dealer” unfairly to include ordinary digital asset trading. The suit, submitted to the District Court for the Northern District of Texas, argues that the rule’s broad scope unjustly targets individuals just trading in digital assets.
The BA and CFAT believe the SEC has exceeded its legal powers by applying a wide-ranging definition of “dealer” under the Securities Exchange Act of 1934.
On April 23, the BA announced this legal action, challenging the SEC’s recent decision to expand the “Dealer Rule,” which, according to these industry groups, is hampering innovation in the U.S. digital asset sector.
Blockchain Association CEO Kristin Smith criticized the rule, stating it represented another instance of the SEC’s overt efforts to regulate beyond its authority.
More of this crypto news here! (https://cryptoadventure.com/blockchain-association-and-texas-crypto-alliance-sue-sec-over-dealer-rule-expansion)
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As one with the whole cryptocurrency industry, I am adding my voice of agreement with this suit initiated by Blockchain Association And Texas Crypto Alliance so that our voice can be heard and our disagreement with the way things are handled by SEC can be on focus. I am really wishing that something good can come out of this case and it would be in favor of the industry we are. The time has come for the government to see and recognize the many small voices of the people in this industry and for them to know that we too matter. Do you think that something advantageous can result from this case...in favor of the people?