From Nasdaq:

The U.S. SEC has published a new definition for securities dealers, a move that will impact crypto. Despite dissent, the SEC approved the new approach. This suggests the commission’s stance towards crypto and signals potential oversight of digital assets firms. The final rule implies that the regulator is laying down the law in the digital assets sector.

The SEC is also proposing custody restrictions and aiming for completion in April. If the agency continues to dismiss crypto businesses’ arguments, the firms will likely challenge the regulator in court. This could result in a legal dispute over what makes an exchange, a dealer, and a qualified custodian.

This week, Craig Wright is facing the Crypto Open Patent Alliance in court. A subcommittee on the House Financial Services Committee will hold a hearing on crypto and illicit finance. In other news, FTX filed for bankruptcy after being hacked, and hundreds of millions of dollars’ worth of crypto were stolen. The First Circuit Court of Appeals will review whether the IRS can demand crypto investor data from exchanges.

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Read more: The SEC Takes on Dealer Definitions