ChainCatcher reported that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has asked a judge to dismiss a lawsuit by an American clothing company that tried to avoid potential regulatory action due to a past airdrop activity. On July 3, the SEC filed a document requesting the dismissal of the lawsuit filed by Beba and the Decentralized Financial Education Fund (DeFi Education Fund, DEF) on March 25. The lawsuit requested a judge in the Waco District Court to rule that the tokens of the same name issued by Beba are not securities. However, the SEC believes that the lawsuit is "premature and based on an illusory" policy.
Beba’s lawsuit claims that the SEC will call BEBA tokens securities and will sue the company for “adopting, without notice or comment, a de facto rule that the ‘vast majority’ of digital assets are ‘securities’” — a reference to Chairman Gary Gensler’s 2022 remarks. In its motion to dismiss, the SEC said the lawsuit was “premature and based on a sham policy — one that the Commission never adopted and does not actually exist.” The SEC said Beba and DEF did not point to “rules, orders, or other Commission actions that reflect the promulgation of the alleged policy.” It added that the complaint did not mention that regulatory action against Beba was “imminent or threatened,” or that the SEC had already investigated the company.