Gate News Report, March 17 — Texas-based clothing company Beba and the crypto lobbying organization DeFi Education Fund have voluntarily withdrawn their 2024 lawsuit against the U.S. SEC. The lawsuit challenged the SEC’s regulatory approach to airdrops, accusing it of implementing digital asset enforcement policies without formal rulemaking procedures, violating 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. In her speeches, Peirce implied that airdrop tokens are not securities and mentioned that the SEC is considering establishing an exemption framework for airdrops. Additionally, the White House issued an administrative action in January encouraging the SEC to create a “safe harbor” mechanism for specific airdrops. DeFi Education Fund stated that, given the work of the SEC’s 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 without prejudice, reserving the right to refile in the future.
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