Multiple heavy hitters in the cryptocurrency industry submitted amicus briefs in a federal district court in western Texas supporting an apparel company and a decentralized finance advocacy organization in their preemptive lawsuit against the U.S. Securities and Exchange Commission.

"The crypto industry, through legal scholars, industry groups and organizations, is presenting a united front in high-profile legal battles and fighting back against overreaching regulatory agencies, primarily the SEC," said Tyler Harttraft, a partner at Bull Blockchain Law in Philadelphia, Pennsylvania, who specializes in crypto litigation and is not involved in the case.