U.S. District Judge Reed OConnor of the Northern District of Texas. Credit WikipediaTexas Court Invalidates SEC’s Dealer Rule, Siding with Crypto Advocates
“This decision affirms the importance of applying legal frameworks as intended and avoiding the temptation to force novel technologies into ill-fitting regulatory categories,” said Tonya M. Evans, a tenured professor at Penn State Dickinson Law whose research includes digital assets.
November 22, 2024 at 04:25 PM
3 minute read
What You Need to Know
- The Crypto Freedom Alliance of Texas and the Blockchain Association sued the U.S. Securities and Exchange Commission over the so-called Dealer Rule.
- The U.S. District Court in Fort Worth invalidated the rule.
- An expert in the digital asset space said the ruling is a reminder that innovation should not be hindered by outdated legal frameworks or overzealous regulatory actions.
A federal judge in the Northern District of Texas delivered a significant blow to the U.S. Securities and Exchange Commission, vacating a rule that sought to redefine the role of securities dealers in ways that could have swept in digital asset traders operating within decentralized finance.
Randy Gordon, the managing partner at Duane Morris of the Am Law 100 firm’s Dallas and Fort Worth offices, was the lead attorney for the plaintiffs, the Crypto Freedom Alliance of Texas and the Blockchain Association, who preeminently sued the defendants, the SEC and its Chairman Gary Gensler, over the “sweeping and arbitrary nature” of its “Dealer Rule.” And the CEO of the Blockchain Association, Kristin Smith, said in a statement that the ruling is a victory for the “entire digital asset industry.”
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