U.S. SEC withdraws appeal of crypto dealer registration lawsuit

The Securities and Exchange Commission (SEC) voluntarily withdrew its appeal relative to the cryptocurrency market dealer registration requirement case, according to the Blockchain Association. It has been about a year since the lawsuit began. Previously, the Blockchain Association and the Texas Crypto Freedom Coalition filed a lawsuit, claiming that the SEC’s decision to require cryptocurrency traders with assets exceeding $50 million to register as dealers or Treasury dealers was an overstep of authority. In November of last year, the court ruled in favor of the plaintiffs, and the SEC appealed the ruling. The Blockchain Association emphasized that after former SEC Chairman Gary Gensler’s “crusade against crypto,” this latest decision is welcome news.