Two prominent bodies in the crypto sphere, the Blockchain Association and the Crypto Freedom Alliance of Texas, have taken legal action against the US Securities and Exchange Commission (SEC).
In an April 23 court filing, the groups argued that the SEC overstepped its bounds by sanctioning a rule that redefines the parameters for what constitutes a “dealer” of securities. According to them, this action was “arbitrary and capricious” and violated the Administrative Procedure Act (APA).
Blockchain Association CEO Kristin Smith opined that the rule was “the latest example of the SEC’s blatant attempts to unlawfully regulate outside its authority [and] skirting legal obligations. Smith added:
“The Dealer Rule advances the SEC’s anti-digital asset crusade and unlawfully redefines the boundaries of its statutory authority granted to it by Congress, threatening to drive U.S. companies offshore and incite fear in American innovators.”
Consequently, they want the Court to nul
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