The parent company of a yet-to-launch crypto exchange teamed up with the Crypto Freedom Alliance of Texas in hopes of heading off securities trading charges.
The Crypto Freedom Alliance of Texas (CFAT) and digital asset company Lejilex have sued the United States Securities and Exchange Commission (SEC), demanding that the court rule on the status of digital assets sold on the secondary market.
CFAT and Lejilex filed suit against the SEC in the Northern Texas District Court in Fort Worth on Feb. 21. Lejilex is planning to launch a crypto exchange called Legit.Exchange. According to his LinkedIn profile, Lejilex co-founder Mike Wawszczak is an attorney and general counsel of Alliance DAO.
The suit alleges one count against the SEC, citing the Declaratory Judgment Act and a 2007 case as a precedent. The plaintiffs are asking the court for several rulings, including:
