DeFi
DeFi Group and Apparel Co. sue SEC over closed-door crypto policy
A crypto industry group and a West Texas clothing company are suing the Securities and Exchange Commission, arguing that the agency’s “ill-conceived” crypto policy must go through rulemaking.
The SEC, under Chairman Gary Gensler, did adopt a policy that most digital assets are securities subject to agency oversight, but it was never subject to a formal regulatory process, they said. DeFi Education Fund and Beba LLC said in a lawsuit filed Monday.
The SEC has taken dozens of crypto-related enforcement actions, including a lawsuit against crypto exchange giant Coinbase Global Inc.
“This closed-door policy approach has deprived the digital asset…