The Block Crypto News12 minutes ago

Published on March 25, 2024 18:05 GMT+00:00edited on March 25, 2024 18:09 GMT+00:00

The DeFi Education Fund and apparel company Beba are suing the Securities and Exchange Commission, asking a Texas district court to declare that their $BEBA token airdrop is not a security and to enforce the Administrative Procedure Act on the SEC's rule-making process.

In a complaint filed Monday in the U.S. District Court for the Western District of Texas, the two also asked the court to hold the SEC to the Administrative Procedure Act (APA). This law governs how federal agencies develop and issue rules. 

The $BEBA token is an asset that can be redeemed for exclusive products from the Texas-based Beba's online store. The store plans to continue to distribute the token through an airdrop for free, according to the 61-page complaint. 

“The SEC’s unjust and ad-hoc enforcement …