According to Odaily, the US Securities and Exchange Commission (SEC) is seeking to dismiss a lawsuit filed by American clothing company Beba and the DeFi Education Fund (DEF) on March 25. The lawsuit requests a judge in the Waco region to rule that the token issued by Beba is not a security. However, the SEC argues that the lawsuit is premature and based on a non-existent 'phantom' policy.
Beba's lawsuit alleges that the SEC will determine that the BEBA token is a security and will sue the company because it adopted a de facto rule that 'the vast majority' of digital assets 'are securities' without notice or comment, citing Chairman Gary Gensler's remarks in 2022. In its motion to dismiss the lawsuit, the SEC stated that the lawsuit is premature and is based on a non-existent foundation - a hypothetical policy that the SEC has never adopted and does not actually exist. The SEC stated that Beba and DEF have not determined the 'rules, orders, or other committee actions reflecting the so-called policy promulgation'.
Previously in March, Beba and the DeFi Education Fund jointly sued the US Securities and Exchange Commission (SEC), questioning the SEC's view of digital assets as securities. Beba hopes to clarify whether its free token issuance complies with securities trading conditions, aiming to protect its business from the impact of SEC law enforcement actions. The case was filed in Texas, highlighting the need for a clear regulatory framework in the rapidly developing digital asset industry.