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DeFi lobbying group withdraws empty complaint against the U.S. SEC, stating that the situation in the crypto industry has changed
According to Cointelegraph, Texas-based apparel company Beba and the crypto lobbying organization DeFi Education Fund have voluntarily withdrawn their lawsuit against the U.S. SEC filed in 2024.
The lawsuit challenged the SEC's regulatory approach to airdrops, accusing it of implementing digital asset enforcement policies without a formal rulemaking process, in violation of the Administrative Procedure Act. The voluntary dismissal document referenced the work of the SEC's crypto task force and multiple speeches by Commissioner Hester Peirce last year, where Peirce suggested that airdropped tokens do not qualify as securities and mentioned that the SEC is considering establishing an exemption framework for airdrops, as well as the White House's January encouragement for the SEC to create a "safe harbor" for specific airdrops.
DeFi Education Fund stated that, given the work of the SEC's crypto task force and recent speeches indicating that the commission's stance on free airdrops may be shifting, it is no longer necessary to continue the lawsuit. The dismissal is without prejudice, preserving the right to refile in the future.
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