Key Updates

• The U.S. Securities and Exchange Commission (SEC) has abandoned its effort to expand the definition of ‘dealer’ in relation to the crypto sector, indicating a more favorable regulatory outlook.
• The decision to drop the appeal comes as the SEC adjusts its legal strategies towards digital assets, favoring a collaborative approach rather than adversarial.

Background

Previously, the SEC was locked in a legal struggle over a rule that aimed to define a wide range of digital asset operations within the securities industry. This change signals a pivotal shift in the agency’s approach amidst rising tensions with the crypto community.

Official Statements

“With new leadership at the agency leading to today’s final dismissal, we’re looking forward to productive conversations between industry and the SEC moving forward – and a brighter future for digital assets in the United States,” said Kristin Smith, CEO of Blockchain Association.

Next Steps

Mark Uyeda, currently the acting chairman of the SEC, has begun restructuring the agency’s stance on crypto regulations, aiming to facilitate better communication and cooperation with the industry stakeholders. Paul Atkins is expected to further these initiatives once confirmed.

For more details, read the full article on CoinDesk.