In somewhat of a surprising turn of events, on February 19, 2025, the U.S. Securities and Exchange Commission (SEC) filed voluntary motions to dismiss its appeals of parallel decisions handed down by U.S. District Judge Reed O’Connor. These decisions had vacated the SECā€™s February 2024 ā€œDealer Ruleā€ that sought to broaden the definition of ā€œdealerā€ to include proprietary trading firms, certain hedge funds, and crypto firms. This move by the SEC is another indication in…

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