Crypto startup Lejilex has requested legal protection from the SEC ahead of launching its exchange, citing concerns of a 'massive regulatory land grab'. Lejilex is battling the SEC in a Texas federal court, arguing that their planned crypto exchange will not violate securities laws and that the SEC's actions constitute overreach. This legal battle highlights the ongoing tension between crypto startups and regulatory bodies, as companies like Lejilex seek clarity and protection in the evolving regulatory landscape.