An American federal judge granted a 60 -day break on a trial brought by 18 general prosecutors of the republican state and the education fund against the Securities and Exchange Commission (SEC), because a changing leadership of the agency could potentially make the case not relevant.
The judge of the Kentucky district court, Gregory Van Tatenhove, approved the suspension on April 16, citing a file of the SEC which indicates that the dispute could be resolved under the new administration.
The judge asked all the parties to submit a joint update of the status within 30 days.
Sec accused of exceeding the pursuit on the application of cryptography
The trial, filed in November 2024, accused the dry of going beyond its regulatory authority, in particular in its aggressive implementation measures against the exchanges of crypto.
The complainants, led by state -of -the -art prosecutors such as Texas, Florida, Wyoming and Ohio, argued that the agency’s actions were equivalent to “raw government” and violated the principles of federalism.
“Without authorization from Congress, the SEC sought to unilaterally eliminate the regulatory authority in the States,” said the prosecution.
The legal momentum has evolved after Paul Atkins, a former adviser to Wall Street and member of the board of directors of several crypto advocacy organizations, was sworn in as a new president of SEC earlier this month.
He replaces the acting president Mark Uyeda and succeeds former president Gary Gensler, whose mandate was marked by a meticulous examination of digital asset platforms.
The break in the procedure comes in the middle of a broader tendency of de -escalation in the application linked to the crypto.
On the same day, on April 16, the DEFI education fund, as well as the Blockchain Association and the Texas Blockchain Council, voluntarily rejected their trial against the Internal Revenue Service.
This case challenged the “broker broker rule”, which would have required decentralized financing protocols to report user transactions.
The dismissal followed the signing of a bill by President Donald Trump on April 11 to cancel the controversial regulations.
Quarter signals from the Trump dry era Revaluation of cryptography regulations
The recent change of tone of the dry under President Donald Trump reflects a wider effort to reassess the agency’s approach to digital assets.
Uyeda announced on April 5 that, in accordance with the Trump deregulation program and the Councils of the Ministry of Government Effectiveness (DOGE) led by Elon Musk, the SEC reviews seven declarations issued by the staff, five of which concern cryptocurrencies.
Among the people under examination, a 2019 FINHUB FUNHUB executive assessed when sales of digital assets could be considered investment contracts as part of the Howy test.
Other reconsidered documents include declarations of investment management divisions, companies’ financing and examinations, in particular those dealing with risks related to Bitcoin’s term contracts, cryptography and bankruptcy at industry in 2022.
Under the direction of Atkins, the SEC has already withdrawn or delayed several important cases against cryptographic companies.
The agency abandoned its prosecution against Coinbase and Cumberland DRW earlier this year, and a separate survey on the Laboratoires Uniswap closed in February without action in application.
In the most recent case, the SEC has closed its survey on Cyberkongz, a NFT project project and game based in Ethereum, without any application measure, the team announced on Tuesday.
The post office judge was taking a break in judgment of 18 states against the dry in the midst of the reshuffle of leadership appeared first on Cryptonews.
