A lawsuit filed against the U.S. Securities and Exchange Commission (SEC) supports the allegations made by a Texas-based clothing company and the DeFi Education Fund (DEF). Crypto and venture capital firms including Coinbase, Andreessen Horowitz, Multicoin Capital, Paradigm, Union Square Ventures, and Variant expressed their support in an amicus brief filed on October 28.

The brief emphasized that the SEC’s vague rules and threats of sanctions regarding crypto assets are harming the companies. The lawsuit, filed in March, states that the SEC’s policy of classifying digital asset transactions as securities is unenforceable.

The Texas Blockchain Council and the Investor Choice Advocates Network also made similar arguments, stating that the SEC does not provide guidance and only imposes sanctions. Coin Center argued that the DEF was justified in filing a lawsuit against the SEC.

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