According to Odaily Planet Daily, the U.S. SEC is seeking to dismiss the lawsuit filed by American clothing company Beba and DeFi Education Fund (DEF) on March 25. The lawsuit asked a Waco District Court judge to rule that the eponymous tokens issued by Beba are not securities. However, the SEC argued that the lawsuit was premature and based on a policy that does not exist. Beba's lawsuit claims that the SEC will determine that Beba tokens are securities and will sue the company because the SEC has adopted a de facto rule without notice or comment that the "vast majority" of digital assets "are securities."
In its motion to dismiss the lawsuit, the SEC said the lawsuit was premature and based on a non-existent basis - a hypothetical policy that the SEC has never adopted and does not actually exist. The SEC said Beba and DEF did not identify "rules, orders, or other commission actions that reflect the promulgation of the alleged policy." Previously, Beba and DEF filed a lawsuit against the SEC, questioning the SEC's treatment of digital assets as securities, hoping to clarify whether its free token issuance meets the conditions of securities transactions in order to protect its business from the impact of SEC enforcement actions.
