The Week In Crypto Policy: Industry Sues SEC; Digital Asset Tax Form

The Blockchain Association and the Crypto Freedom Alliance of Texas are seeking to overturn an SEC rule that could subject DEX liquidity providers and AMMs to securities dealer registration requirements. Consensys also went on offense against the SEC, asking a federal court to rule ETH is not a security, transaction in ETH are not securities, and that Consensys is not operating as a securities broker through its MetaMask wallet software. While Congress was out of session, House Financial Services Ranking Member Maxine Waters voiced optimism in an interview that stablecoin legislation gets done this year. Meanwhile, Administration efforts to enhance KYC in crypto manifested in a new draft IRS tax form for digital asset "brokers" and the FBI warning Americans not to use cryptocurrency money transmitting services that do not KYC.