So yesterday, the SEC finalized the "dealer" rule. Below are my preliminary thoughts about what this means. Tl;dr - LPs, DEXs, RIAs, Prop Trading Firms may all be impacted. The SEC created yet another amorphous "facts and circumstances" test.

So yesterday, the SEC finalized the "dealer" rule. Below are my preliminary thoughts about what this means. Tl;dr - LPs, DEXs, RIAs, Prop Trading Firms may all be impacted. The SEC created yet another amorphous "facts and circumstances" test.

https://www.sec.gov/files/rules/final/2024/34-99477.pdf

Head of Legal @ Blockchain Association. Casts not legal advice. 

Author of @ The Undefined on Substack. 

Thanks for the thorough take on the SEC rulemaking. As you note, lots of issues here.