Judge Reed O'Connor concluded that the SEC exceeded its authority with a broad definition of dealer, removing long-established distinctions that have existed for nearly a century.
O'Connor emphasized that the current Dealer Rule undermines more than a century of established definitions of 'trader' and 'dealer,' rejecting the SEC's efforts to expand their authority through the rule.
Kristin Smith criticized the SEC's Dealer Rule as an unlawful attempt to redefine statutory boundaries and unfairly target the crypto industry.
Joshua Ashley Klayman described the ruling as a potential turning point for the industry, indicating that it may lead to further developments in legal challenges against the SEC.
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