Oct 28, 11:01 PM

Crypto Groups File Amicus Briefs on October 28 in Support of BebaCollection and Fund Defi Against SEC

Today, October 28, several prominent crypto advocacy groups, including the Blockchain Association, Crypto Council, and Coinbase, filed amicus briefs in support of BebaCollection and Fund Defi in their lawsuit against the U.S. Securities and Exchange Commission (SEC). The lawsuit challenges the SEC's interpretation that airdropped tokens constitute investment contracts and should be classified as securities. The plaintiffs argue that airdrops, which are often free distributions of tokens, do not involve an investment of money and therefore should not be regulated as securities. The case has garnered significant support from various entities within the crypto industry, who argue that the SEC's approach to regulation by enforcement is legally flawed and threatens U.S. leadership and innovation in digital assets.