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The Securities and Exchange Commission on Wednesday voluntarily dismissed its appeal of a ruling that prevented the agency from expanding existing securities laws to cover decentralized finance, or DeFi, users and projects.
In a four-page motion filed by the SEC in the U.S. Court of Appeals for the Fifth Circuit, the agency said it wished to “voluntarily dismiss this appeal,” a move that went unopposed.
In November, a federal judge in Texas found the SEC’s expansion of the legal definition for “dealer” exceeded the regulator’s authority. Modifications to the SEC’s dealer rule were unlawful, the judge found, because it conflated DeFi traders with financial brokers.
Complete and total victory today in our case against the SEC over the dealer rule.
Following the SEC’s voluntary dismissal of its own appeal, the crypto industry can breathe a sigh of relief.
The future is bright for our industry. Let’s keep building. https://t.co/RxzvlHtfPA
— Kristin Smith (@KMSmithDC)
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