Crypto company Lejilex sued the SEC
The crypto company Lejilex and the CFAT group sued the SEC. They claim that the agency exceeded its authority in relation to digital assets.
Texas-based cryptocurrency company Lejilex and the Crypto Freedom Alliance of Texas (CFAT) group, which advocates responsible development of digital asset policy in the region, have sued the U.S. Securities and Exchange Commission (SEC). This is reported by Reuters.
Both organizations said that the regulator exceeded its authority and asked the judge to rule that digital assets that are 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 in the case against Coinbase. Therefore, the firm wants the court to rule that listing existing tokens will not violate securities laws.
"We would like to launch our business rather than file a lawsuit, but here we are," said Mike Wawszczak, co—founder of the firm.
CFAT and Lejilex also stated that "the SEC is mistaken in classifying digital assets as investment contracts, since they do not create permanent obligations between the creator and the buyer."
Source: https://incrypted.com/kriptokompaniya-lejilex-podala-v-sud-na-sec/
