SEC seeks to dismiss lawsuit against apparel companies Beba and DEF alleging their tokens are not securities

The US SEC is seeking to dismiss a lawsuit filed by Beba, a US clothing company, and DeFi Education Fund (DEF) on March 25th, which seeks a judge in the Western District of Texas to rule that the same-name token issued by Beba is not a security. However, the SEC argues that the lawsuit is premature and based on a phantom policy that does not currently exist. Beba's lawsuit claims that the SEC will classify the BEBA token as a security and sue the company because it "adopted a de facto rule that the 'vast majority' of digital assets are securities without notice or comment," citing Chairman Gary Gensler's comments in 2022.