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The U.S. Securities and Exchange Commission (SEC) has withdrawn its appeal regarding the “dealer rule” regulation concerning the cryptocurrency market. The regulatory body voluntarily requested the court to dismiss the case. Representatives of the cryptocurrency sector view this development as a significant victory. It is known that the new SEC leadership has promised to adopt a more open and balanced approach to cryptocurrency regulation.
What Does SEC’s Withdrawal Mean?
SEC had appealed a decision made by a Texas federal court in November 2024. The court ruled that the SEC had overstepped its authority with the “dealer rule” regulation. This rule required liquidity providers holding assets over $50 million to comply with securities laws. Two major organizations in the cryptocurrency sector argued that these regulations would harm the industry and initiated a lawsuit.
The SEC’s decision to drop the case signals a shift towards a new regulatory policy. With the dismissal of the case, the regulatory pressure on major players in the cryptocurrency market has somewhat eased. Kristin Smith, CEO of the Blockchain Association, celebrated the development, stating it is a true victory for the cryptocurrency sector.
New SEC Leadership and Cryptocurrency Policy
The SEC’s retreat is seen as a result of changes in the regulatory body’s leadership. Former chairman Gary Gensler was known for his tough stance against cryptocurrency companies. However, Mark T. Uyeda, who took over in January, has shown a more favorable view towards cryptocurrencies. Additionally, former regulator and crypto supporter Paul Atkins has been nominated for SEC chair by President Donald Trump.
The new administration has launched a program referred to as “SEC Crypto 2.0.” This initiative aims to create “reasonable and clear” rules for the sector. A cryptocurrency task force, led by Commission Member Hester Peirce, has been established to determine which cryptocurrencies will not be classified as securities.
Furthermore, experts suggest that the legal process between Binance and the SEC may also be influenced by this shift. Both parties have jointly filed for a pause in the legal proceedings. It is speculated that the SEC may reconsider its future lawsuits against other cryptocurrency companies.
