CandleFocus Free airdrop or investment? SEC’s argument faces legal heat
2024-10-29
Author: Content Editor
The US Securities and Exchange Commission (SEC) is facing challenges over its treatment of crypto-linked airdrops, as the Blockchain Association and Crypto Council for Innovation have filed an amicus brief against the regulator in a legal pursuit launched by DeFi Education Fund and Beba Collection. Beba, an apparel company, is suing the SEC over its treatment of airdrops and the lack of clear rules for the crypto sector. The SEC claims that airdrops involve an investment of money, while the plaintiffs argue that they do not. The Blockchain Association's legal head criticized the SEC's framework for regulating digital assets and urged the court to deny the SEC's motion to dismiss, emphasizing the importance of clarity in digital asset regulation for innovation and investor protection. The SEC has recently ramped up enforcement against crypto firms, leading to backlash from the crypto community. Coinbase also filed an amicus brief on behalf of Beba, aiming to stop the SEC's regulatory enforcement campaign.
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