In November, a Texas court struck down the SEC's redefinition of a dealer under its rules, after a lawsuit by crypto advocates.
The latest: The new Trump-era SEC withdrew its appeal of the decision yesterday.
Flashback: The SEC revised its definition in February 2024 to take in more market participants.
In particular, it would have applied to people who supply liquidity to automated market makers, such as Uniswap and Curve Finance, which the industry objected to.
The bottom line: It finalizes another loss amidst the many such cases for the agency under Gary Gensler's leadership.
