SEC voluntarily dismisses its appeal
Washington, D.C. (Feb. 19, 2025) – Today, the SEC voluntarily dismissed its appeal of the lawsuit challenging the dealer rule brought by Blockchain Association (BA) and the Crypto Freedom Alliance of Texas (CFAT). Dismissal of the agency’s appeal secures a complete victory for BA, CFAT, and the broader crypto industry, and sounds the death knell for the dealer rule.
“It’s a new day at the SEC following former Chair Gensler’s crusade against crypto – today’s voluntary dismissal by the agency is welcome news. We first brought our lawsuit against the SEC to challenge the agency’s unlawful power grab, which sought to unilaterally redefine the boundaries of its statutory authority. 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 Blockchain Association CEO Kristin Smith.
BA and CFAT first brought this challenge against the SEC in April of last year, arguing the SEC’s misguided attacks against the industry amounted to arbitrary and capricious rulemaking.
“Litigation is a critical tool Blockchain Association has to defend the industry against regulatory overreach,” said BA Head of Legal Marisa Coppel. “We were proud to file this lawsuit on behalf of our members and the entire industry – today, we celebrate this resounding victory for the innovators, entrepreneurs, and builders across America.”
The motion for voluntary dismissal can be found here.
About Blockchain Association: Blockchain Association is the collective voice of the cryptocurrency industry. Our members include the sector’s leading investors, companies, and projects, working together to support a future-forward, pro-innovation national policy and regulatory framework for the crypto economy. Find us at theblockchainassociation.org. Follow us @BlockchainAssn.
