Securities and Exchange Commission Chair Gary Gensler listens during a Senate Banking Committee Hybrid hearing on 'Oversight of the U.S. Securities and Exchange Commission," Tuesday, Sept. 12, 2023, on Capitol Hill in Washington. Photo: Mariam Zuhaib/AP Crypto Industry Joins Forces to Thwart SEC's Airdrop Crackdown
"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 who is not involved in the case.
October 29, 2024 at 03:26 PM
4 minute read
What You Need to Know
- The underlying case involves a lawsuit against the U.S. Securities and Exchange Commission for declaratory and injunctive relief.
- Industry players filed amicus briefs calling for a federal distinct court to declare certain tokens are not investment contacts and can be airdropped in people's wallets.
- One litigator not involved in the case said the crypto industry is presenting a united front against the SEC.
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.
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