Texas-based apparel company Beba and the DeFi Education Fund have withdrawn their 2024 lawsuit against the U.S. Securities and Exchange Commission over airdrop enforcement.
The suit challenged the SEC’s digital asset policy as lacking formal rulemaking under the Administrative Procedure Act. The voluntary dismissal, filed in the Western District of Texas, cites recent shifts in the agency’s stance, including statements by Commissioner Hester Peirce suggesting airdropped tokens may not qualify as securities.
Peirce’s May remarks about a potential exemption framework and a January White House executive action encouraging a safe harbor for airdrops influenced the decision. The group stated it will refile if needed.
The dismissal is without prejudice, preserving legal rights to pursue claims later.
Since former SEC Chair Gary Gensler’s departure in January 2025, the agency has dropped several high-profile enforcement actions, signaling a broader regulatory pivot toward crypto.