The Blockchain Association and the Crypto Freedom Alliance of Texas filed a complaint against the SEC, stating that the Commission refused to exempt the digital assets industry or provide a clear explanation of how and when the rule would apply to these markets. The SEC defended its actions by asserting that it follows its mandates and the legal framework governing administrative procedures and plans to vigorously uphold the final dealer rules in court.
This lawsuit is part of a series of legal challenges against the SEC over the past year. In addition to the complaint by the Blockchain Association and the Crypto Freedom Alliance of Texas, the DeFi Education Fund and a Texas Apparel Company, Beba, also took the SEC to court last month over APA violations.