Cryptocurrency giant backs clothing company's lawsuit against SEC's ”unofficial regulation”

Cryptocurrency-related companies have stepped in to support a Texas clothing company and the Defy Educational Fund, which have filed a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Coinbase, Andreessen Horowitz
Horowitz, Multicoin Capital
Capital, Paradigm, Union Square Ventures
Cryptocurrency and venture capital firms such as Beba Ventures and Valiant are managed by Texas-based Beba LLC.
The SEC filed an amicus brief on the 28th of last month in support of the lawsuit filed by Defy Educational Fund (DEF) and Beba LLC. They said, "The SEC has clearly recognized the enforcement threats facing companies like Beba."
"It would be wrong to ignore the harm caused by the lack of clear guidelines," he said. "The SEC has, through at least four enforcement actions, sought to undermine the use of airdrops for digital assets."
"The lawsuit, filed in March, comes after the SEC decided to treat most digital asset transactions as 'investment contracts' and thus pose a credible threat to its policy of treating such transactions as securities."
The lawsuit seeks a prior declaration that the "unofficial policies" deemed securities cannot be enforced. The lawsuit specifically concerns the free distribution (airdrop) of the clothing company's unique digital token, BEBA.
The SEC has called the lawsuit "premature and based on fictitious policies."
" BEBA has not defined the rules and orders related to the policies it opposes, the lawsuit said in a July request for dismissal.