Odaily Planet Daily News The U.S. SEC seeks to dismiss a lawsuit filed on March 25 by American clothing company Beba and DeFi Education Fund (DEF), which asked a judge in Waco District Court to rule that the eponymous tokens issued by Beba are not securities. However, the SEC argued that the lawsuit was "premature and premised on a (phantom)" policy that does not currently exist. Beba's lawsuit claims that the SEC will determine that BEBA tokens are securities and will sue the company because it "adopted a de facto rule without notice or comment that the 'vast majority' of digital assets 'are securities'," citing Chairman Gary Gensler's remarks in 2022. 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." (Cointelegraph) Earlier in March, American clothing company Beba and DeFi Education Fund jointly filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), questioning the SEC's consideration of digital assets as securities. Beba hopes to clarify whether its free token issuance meets the conditions for securities trading, aiming to protect its business from SEC enforcement actions. The case was filed in Texas, highlighting the need for a clear regulatory framework for the rapidly growing digital asset industry.
