Lejilex asked a Texas federal court for a preemptive ruling that would clear it from any potential SEC enforcement action before it launches a crypto exchange.
Crypto startup Lejilex and the United States Securities and Exchange Commission have filed competing briefs for summary judgment in a Texas federal court, escalating their legal battle over the classification of crypto.
Lejilex, part of the Crypto Freedom Alliance of Texas, said in its Oct. 3 brief that it would facilitate crypto transactions, not sell securities, and accused the SEC of overreaching its regulatory power.
The Texas-based firm was founded last year and plans to open a crypto exchange by the end of 2024. It is seeking a preemptive ruling that its business won’t violate securities laws.
