CoinWorld March 17 News: Texas-based clothing company Beba and the crypto lobbying organization DeFi Education Fund have voluntarily withdrawn their lawsuit against the U.S. SEC filed in 2024. The lawsuit challenged the SEC’s regulatory approach to airdrops, accusing it of implementing digital asset enforcement policies without formal rulemaking procedures, in violation of the Administrative Procedure Act. The voluntary withdrawal document referenced the work of the SEC’s crypto task force and multiple speeches by Commissioner Hester Peirce last year. Peirce suggested that airdrop tokens are not securities and mentioned that the SEC is considering establishing an exemption framework for airdrops, as well as an administrative action from the White House in January encouraging the SEC to create a “safe harbor” for certain airdrops. DeFi Education Fund stated that, given the work of the SEC crypto task force and recent speeches indicating a possible shift in the commission’s stance on free airdrops, continuing the lawsuit is no longer necessary. The withdrawal is a dismissal without prejudice, reserving the right to refile in the future.
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