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U.S. Administrative Procedure Law Exists for a Reason. The SEC Must Follow It

Yet, the SEC barely acknowledged this feedback, as required by the APA, and instead, finalized the rule with no analysis as to the effect on digital asset markets, no clarity as to which digital asset market participants are implicated, and no explanation as to how participants can comply. Commissioner Peirce, , further highlighted the SEC’s refusal to address the Dealer Rule’s application to decentralized finance innovations, despite commenters’ repeated concerns and questions about new qualitative tests for determining who would be considered a dealer under the new rule.

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