Odaily News Crypto lobbying groups the Blockchain Association and the Crypto Council for Innovation have filed an amicus brief in support of an ongoing lawsuit against the U.S. Securities and Exchange Commission that seeks to provide positive clarity on token airdrops. The nonprofits argue that a Waco District Court judge should force the regulator to take action in response to claims by Beba, an American clothing brand that issues tokens to reward shoppers, and the DeFi Education Fund that airdrops do not violate securities laws. In March, Beba and the DeFi Education Fund sued the SEC, arguing that token airdrops cannot violate the so-called Howey test, in part because there was no reasonable expectation of profit. "The first step of the Supreme Court's Howey test is to determine whether a particular instrument is an 'investment contract,' thus requiring the Court to find that there is a 'monetary investment.' In an airdrop, there is no monetary investment because recipients typically receive the tokens for free," lawyers for the Blockchain Association and the Crypto Council wrote in their amicus brief. (The Block)