A Texas bag retailer sued the SEC to get legal protection for a token airdrop, but the regulator says the suit was based on a policy that doesn’t exist.
The Securities and Exchange Commission has asked a judge to toss a lawsuit from an American apparel company that has attempted to shield itself from potential regulatory action over a past airdrop.
On July 3, the SEC filed to dismiss a March 25 suit from Beba and the DeFi Education Fund (DEF) that asked a Waco District Court judge to determine that Beba’s self-titled token it had given away was not a security.
However, the SEC argues the suit is “premature and premised on a phantom” policy.
