Blockchain Association And Texas Crypto Alliance Sue SEC

[TomPluz]

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.

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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?

[Crwth]

I think that it's mostly the one who has power abuse it and make sure that they are benefitting from it. Whether they have agenda or not, it's mostly because of them having no piece of the pie. Tax is really a factor IMO.

[ABCbits]

The suit said, “Because of the rule’s, exclusive focus on post hoc effects of trading, the new definition of ‘dealer’ will potentially sweep in all manner of digital asset markets participants, including users who merely participate in digital asset liquidity pools.”

No wonder this association decide to sue SEC, such definition would affect many individual who invest on cryptocurrency. And it's not that surprising either considering SEC have gone too far on some occasion.

[examplens]

No wonder this association decide to sue SEC, such definition would affect many individual who invest on cryptocurrency. And it's not that surprising either considering SEC have gone too far on some occasion.

Lately, the SEC has been behaving as if they are the owners of the Bitcoin network and only they should make the rules.
Rhetorical question, who exactly authorized them to be moderators of something as decentralized as Bitcoin?

[ABCbits]

No wonder this association decide to sue SEC, such definition would affect many individual who invest on cryptocurrency. And it's not that surprising either considering SEC have gone too far on some occasion.

Lately, the SEC has been behaving as if they are the owners of the Bitcoin network and only they should make the rules.
Rhetorical question, who exactly authorized them to be moderators of something as decentralized as Bitcoin?

I'd say they behave as if they own all cryptocurrency/blockchain network. It's clear that they drunk on power and someone need to make them "sober".

[Z-tight]

This is how the SEC have been operating for sometime now, they now exceed their legal powers because they wield so much of it. They form their own interepretation in the way it suits them and implement policies that don't favor crypto services and people who use crypto.