DeFi lobby drops airdrop lawsuit against SEC, citing crypto shift
The voluntary dismissal was filed without prejudice, meaning Beba and the DeFi Education Fund could refile the same case at a later date.
Texas-based apparel company Beba and crypto lobby group DeFi Education Fund have withdrawn a 2024 lawsuit against the US Securities and Exchange Commission (SEC) over its approach to airdrops, citing a recent shift in the regulator’s approach to crypto.
Beba launched a free token airdrop in March 2024 and, together with the DeFi Education Fund, filed a pre-enforcement challenge against the SEC that year.
The lawsuit alleged the regulator had adopted its digital asset enforcement policy without a formal notice-and-comment rulemaking process, in violation of the Administrative Procedure Act.