A Texas federal court has rejected the U.S. Securities and Exchange Commission’s recent rule expanding the definition of a securities dealer to include a wider swath of firms — including some in the cryptocurrency sector. This adds a significant legal loss to the crypto legacy of SEC Chair Gary Gensler on the same day he announced his January departure.
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![Pinterest](https://pinterest.com/pin/create/button/?url=https://web2.support/2024/11/21/u-s-sec-loses-crypto-lawsuit-over-dealer-definition-that-pushed-into-crypto/&media=https://i1.wp.com/www.coindesk.com/resizer/_Z2OB8bPUmNran2zTsXYpHUDRWk=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FPQK5WM57JBUVHDXR7T3ZEQ2OE.jpg?w=1200&resize=1200,0&ssl=1&description=A Texas federal court ruled that the regulator's new dealer definition that roped in crypto entities was "untethered" to U.S. securities law.){kind=link}