Already losing its legal fight with the crypto industry on a rule that would have expanded the definition of regulated securities merchants to include a wide range of digital asset operations, the American Commission for Securities and Exchange A abandoned his call.
The SEC was in reset mode on its audience tangles with questions of crypto while the management raised by President Donald Trump opposite the years of the agency’s opponent position. The last decision was to officially delete the appeal in a case in which the Blockchain Association and the Crypto Freedom Alliance of Texas continued the SEC and a Federal Judge of Texas agreed that the regulator “exceeded its statutory authority”.
“With a new leadership at the agency leading to today’s final dismissal, we look forward to productive conversations between industry and dry in the future – and a better future for digital assets in the United States “Said Kristin Smith, CEO of the Blockchain Association, in a declaration.
The rewritten rule of concessionaires was one of the main efforts of the agency in terms of cryptographic regulation under the mandate of former President Gary Gensler, and it was designed with the long -standing position of the Agency that the existing laws were sufficient to manage the surveillance of the space of digital assets. The industry’s position was that the rule made untenable requests in decentralized finance (DEFI) and also corded in cryptographic traders who did not offer dealership services.
“The court concluded that the commission’s regulations would classify almost anyone who buy and sell titles like a” concessionaire “, extending beyond its statutory authority,” said a SEC spokesman on Thursday. Risk of reducing liquidity on treasury markets, making them more volatile and increases debt for taxpayers. »»
Since he was installed as an acting president of the Sec, Mark Uyeda, began to aggressively revise the agency’s senior executives and its legal approach to the cryptography sector. It should be replaced whenever Trump’s permanent choice, Paul Atkins, can be confirmed by the US Senate, although ATKINS should continue on the same path.
Earlier this month, the SEC also sought to suspend its struggle to apply the law with Binance on the accusations of the Title Violation Agency so that the case can be resolved in another way.
Read more: the dry United States loses the crypto trial on the definition of the “concessionaire” that pushed in the crypto
Update (February 20, 2022, 19:06 UTC): Add comments from the Securities and Exchange Commission.
