Kristin Smith Chief Executive Officer at Blockchain Association | Official website
The Securities and Exchange Commission (SEC) has decided to withdraw its appeal in the lawsuit concerning the dealer rule, which was initiated by the Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT). This move marks a significant victory for both organizations and the broader cryptocurrency industry, effectively ending the dispute over the controversial rule.
Kristin Smith, CEO of Blockchain Association, commented on this development: “It’s a new day at the SEC following former Chair Gensler’s crusade against crypto – today’s voluntary dismissal by the agency is welcome news. We first brought our lawsuit against the SEC to challenge the agency’s unlawful power grab, which sought to unilaterally redefine the boundaries of its statutory authority. With new leadership at the agency leading to today’s final dismissal, we’re looking forward to productive conversations between industry and the SEC moving forward – and a brighter future for digital assets in the United States.”
The legal challenge was initially filed in April of last year by BA and CFAT. They argued that the SEC's actions against the crypto industry were misguided and constituted arbitrary rulemaking.
Marisa Coppel, Head of Legal at Blockchain Association, emphasized: “Litigation is a critical tool Blockchain Association has to defend the industry against regulatory overreach. We were proud to file this lawsuit on behalf of our members and the entire industry – today, we celebrate this resounding victory for the innovators, entrepreneurs, and builders across America.”
Further details regarding this voluntary dismissal can be accessed through official channels.
Blockchain Association represents a collective voice within the cryptocurrency sector. Its members include key investors, companies, and projects working towards establishing a progressive national policy framework for digital assets.