The U.S. SEC requests the judge to dismiss the lawsuit filed by the DeFi Education Fund and Texas clothing company Beba against it

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has requested a judge to dismiss a lawsuit from a U.S. clothing company that attempted to avoid potential regulatory action due to a past airdrop event. On July 3, the SEC filed documents requesting the dismissal of the lawsuit filed by Beba and the DeFi Education Fund (DEF) on March 25. The lawsuit asks a judge in the Waco district court to rule that the tokens issued by Beba are not securities. However, the SEC believes the lawsuit is "premature and based on an illusory" policy.

Beba's lawsuit claims that the SEC would classify the BEBA token as a security and sue the company because it "adopted a de facto rule that 'the vast majority' of digital assets are 'securities'"—quoting Chairman Gary Gensler's remarks in 2022. In its motion to dismiss, the SEC stated that the lawsuit is "premature and based on a false policy—one that the Commission has never adopted and does not actually exist." The SEC noted that Beba and DEF did not point to "rules, orders, or other Commission actions reflecting the alleged policy issuance." It also added that the complaint did not mention any impending or threatened regulatory action against Beba, nor did it state that the SEC had previously investigated the company.