Texas-based cryptocurrency company Lejilex and the Crypto Freedom Alliance of Texas (CFAT), a group that advocates for responsible digital asset policy development in the region, have filed a lawsuit against the US Securities and Exchange Commission (SEC). This is reported by Reuters.
Both organizations said the regulator had exceeded its authority and asked a judge to rule that digital assets traded on exchanges are not securities, the report said.
According to journalists, Lejilex plans to launch a cryptocurrency platform for trading digital assets, which the SEC recognized as securities as part of the case against Coinbase. Therefore, the firm wants the court to rule that listing existing tokens will not violate securities laws.
CFAT and Lejilex also stated that “the SEC is wrong to classify digital assets as investment contracts because they do not create an ongoing obligation between the creator and the buyer.”
Source: Cryptocurrency
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