Two US crypto firms sue SEC over new "dealer" rules
2024-04-23 13:17:57
According to the Wall Street Journal, two crypto industry groups from USA TODAY are suing the Securities Exchange Commission, challenging the regulator's new rule that expands the definition of a securities "dealer." The Blockchain Association and Crypto Freedom Alliance of Texas say the Securities Exchange Commission exceeded its authority and approved an arbitrary and capricious rule. The crypto industry group said in the lawsuit that the new rule is vague and too broad in scope, without explaining its impact on crypto market participants. Under the new rules, developers of automated software and liquidity providers on certain trading protocols may be considered "dealers," and their businesses will face new costs, including additional capital and registration requirements
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