October 29 news, according to The Block, a cryptocurrency lobbying group based in Washington submitted an "amicus curiae" brief to the court aimed at supporting Beba's lawsuit against the U.S. Securities and Exchange Commission (SEC) filed in March this year, with the goal of seeking a clearer legal interpretation regarding the status of token airdrops.

Beba and the DeFi Education Fund sued the SEC in March this year, arguing that token airdrops do not violate the Howey Test. Shortly after the lawsuit was filed, the SEC moved to dismiss the case, and the Blockchain Association and the Cryptocurrency Committee requested the court to deny that motion and support the plaintiffs' plea for relief.