Coinbase, a16z, Multicoin Capital, and Paradigm have backed Beba LLC and the DeFi Education Fund (DEF) in a lawsuit challenging the SEC's unclear rules regarding crypto assets. The amicus brief, filed on October 28, supports Beba's preemptive lawsuit against the SEC over its classification of digital tokens as securities. The SEC has been accused of enforcing rules without proper guidelines, especially regarding the airdrop of Beba's own digital token, BEBA. The brief argues that the SEC's actions create a credible threat to Beba due to at least four enforcement actions previously taken against companies in the crypto space. Beba LLC seeks a declaration that the SEC's ‘unwritten policy’ regarding digital asset transactions is overreaching. The SEC's motion to dismiss the case claimed it was based on a ‘phantom policy,’ but the plaintiffs assert they have demonstrated harm and a credible threat of enforcement, rejecting the SEC's assertions. Other organizations like the Texas Blockchain Council have echoed similar concerns about the lack of regulatory guidance from the SEC in their own amicus briefs.

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