Blockchain Association, CFAT file lawsuit against SEC on Tuesday. Groups challenge regulator’s “misguided attacks” on digital asset industry. Crypto trade groups take issue with SEC move to broaden definition of ‘dealer’ of securities. Two crypto industry groups Blockchain Association and the Crypto Freedom Alliance of Texas have filed a lawsuit against the Securities & Exchange Commission in a federal court in Texas.
It is likely that here the two crypto groups refer to enforcement action and the regulator’s lawsuits against Ripple and Coinbase, among other firms. In the official announcement, the groups slam the SEC for its “arbitrary and capricious rule making” and seek a court order to strike down the Dealer Rule. The groups argue that the SEC’s various Administrative Procedure Act violations prevent crypto industry participants from operating within communicated rules.
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