The Blockchain Association and a Texas-based crypto activist group are suing the SEC over its controversial “Dealer Rule” expansion, arguing it threatens the digital asset industry and innovation.
The Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT) revealed a new lawsuit against the United States Securities and Exchange Commission (SEC) in the Northern District of Texas, according to a statement.
On April 23, the BA announced the lawsuit in a move to challenge the SEC’s recent expansion of the “Dealer Rule,” which the industry groups argue stifles innovation in the U.S. digital asset market.
The BA and CFAT argue that the SEC overstepped its authority by implementing a broad interpretation of the term “dealer” within the Securities Exchange Act of 1934.