US District Court Vacates Controversial Dealer Rules
- Bruce Newman, Stephanie Nicolas, Andre Owens, Susan Schroeder, Tiffany Smith, Elizabeth Mitchell, Matthew Beville, Kyle Swan, Joshua Nathanson
- 12.13.2024
On November 21, 2024, the US District Court for the Northern District of Texas vacated rules adopted by the Securities and Exchange Commission in February 2024. Those rules had defined language in the definitions of “dealer” and “government securities dealer” under the Securities Exchange Act of 1934 in a way that could be read to capture many market participants, including proprietary trading firms, private funds, and crypto trading firms, not currently registered as broker-dealers.
