SEC wants retailer’s crypto suit tossed as it’s based on ‘phantom’ policy

The SEC asked a judge to toss a suit from bag retailer Beba and a crypto advocacy body, claiming it was based on fighting an SEC policy that doesn’t exist.

A Texas bag retailer sued the SEC to get legal protection for a token airdrop, but the regulator says the suit was based on a policy that doesn’t exist.

On July 3, the SEC filed to dismiss a March 25 suit from Beba and the DeFi Education Fund that asked a Waco District Court judgesecurities In its motion to dismiss, the SEC said the suit was “premature and is premised on a phantom — a supposed policy that the Commission never adopted and does not actually exist.”

“In effect, plaintiffs ask this Court to adjudicate the legality of a policy that does not exist and to block potential future enforcement action that may never occur.

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