Two U.S. crypto traders sue SEC challenging its new “dealer” rules
Golden Finance reported that according to the Wall Street Journal, two U.S. crypto industry organizations today sued the U.S. Securities and Exchange Commission, challenging the regulator’s new regulations that expanded the definition of a securities “dealer.” The Blockchain Association and the Crypto Freedom Alliance of Texas said the SEC exceeded its authority by approving an arbitrary and capricious rule. Crypto industry groups said in the lawsuit that the new regulations are vague, too broad and do not explain their impact on crypto market participants. Under the new rules, automated software developers and liquidity providers on certain trading protocols may be considered "dealers" and their businesses will face new costs, including additional capital and registration requirements
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