According to Unchainedcrypto, the US Blockchain Association has announced that it has filed a lawsuit against the US Securities and Exchange Commission (SEC) regarding the newly issued “Dealer Rule” and is seeking a court order to revoke the SEC’s new regulation.
In February of this year, the SEC expanded the definition of “dealer” to include participants providing liquidity for DeFi protocols, essentially requiring liquidity providers on DeFi protocols to comply with the relevant requirements of traditional financial markets’ securities dealers. The Blockchain Association believes that the SEC’s action violates the Administrative Procedure Act, illegally expands its statutory authority, and will severely hinder innovation in the digital asset ecosystem.
Source: https://unchainedcrypto.com/blockchain-association-sues-sec-over-dealer-rule/