Court Strikes Down SEC Dealer Rule: SEC Roundup
By Nicolas Morgan
By Tom Zaccaro
Welcome to SEC Roundup, a bimonthly video series by former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Choice Advocates Network.
A federal court in Texas recently struck down a rule issued by the SEC in February that expanded the definition of "dealer" so broadly that it would have required SEC registration for many private fund advisers as well as everyone from software developers to the Federal Reserve.
Listen in as Marisa Coppel, head of legal for Blockchain Association, describes a pair of rulings in parallel cases in which the judge concluded that the SEC had exceeded its statutory authority in promulgating the rule.
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