U.S. Court: SEC must retract crypto dealer registration requirement

The U.S. Federal District Court for the Northern District of Texas has ordered the U.S. Securities and Exchange Commission (SEC) to do away with its recently updated definition of a crypto market dealer, CoinDesk has reported. This is a ruling in favor of the cryptocurrency industry groups in a lawsuit between the SEC and those entities over the cryptocurrency market dealer registration regulation. Blockchain Association CEO Kristin Smith said that "the dealer rule was an attempt by the SEC to advance the agency’s anti-crypto crusade, unlawfully redefining the boundaries of its statutory authority granted by Congress.” In February, the SEC announced a regulation requiring cryptocurrency traders with more than $50 million in assets and meeting certain requirements to register as dealers or Treasury dealers.