The Blockchain Association and the Crypto Freedom Alliance of Texas (CFAT) have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The suit challenges a new rule that broadens the definition of a “dealer” in the realm of digital assets. Filed in the District Court for the Northern District of Texas, the legal challenge aims to overturn this expanded interpretation.
SEC Accused of Overreach in Digital Asset Regulation
The plaintiffs argue that the new definition could unfairly categorize mere digital asset traders as dealers. This concern arises from the rule’s focus on the effects of trading rather than the nature of the transactions themselves. They claim that the rule does not differentiate between dealers and individuals trading for their accounts, which is traditionally exempt from dealer status. The lawsuit alleges that the SEC bypassed necessary procedures by not thoroughly considering public feedback or conducting an economic analysis as required by
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