DeFi Lobbying Group Withdraws Lawsuit Against U.S. SEC Over Airdrop, Citing Changes in Industry Environment

Odaily News Texas-based apparel company Beba and the crypto lobbying organization DeFi Education Fund have voluntarily withdrawn their airdrop-related lawsuit filed against the U.S. SEC in 2024. The lawsuit had previously alleged that the SEC was regulating digital asset airdrops through enforcement actions without going through a formal rulemaking process, which potentially violated the Administrative Procedure Act.

The dismissal filing pointed out that the advancement of the SEC's crypto task force and the multiple public statements by Commissioner Hester Peirce indicate a possible shift in the regulatory stance towards airdrops, including considerations for establishing an airdrop exemption framework and a "safe harbor" mechanism. The DeFi Education Fund stated that continuing to pursue the lawsuit is no longer necessary under the current circumstances. This dismissal is without prejudice, preserving the right to file a lawsuit again in the future. (Cointelegraph)