The U.S. District Court for the Northern District of Texas has ordered the Securities and Exchange Commission (SEC) to throw out its "dealer" rule, which expanded the definition of a securities dealer to include certain firms in the cryptocurrency sector. The ruling came in response to a lawsuit from industry groups, who argued that the rule exceeded the SEC's authority and was dangerously vague. This marks a significant legal loss for SEC Chair Gary Gensler, who announced his resignation on the same day. The court ordered that the rule be thrown out entirely. The SEC is reviewing the decision and will determine next steps. The industry groups involved in the lawsuit considered the ruling a victory for the entire digital asset industry.



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