Lejilex and CFAT Fight Back: Suing SEC for Crypto Clampdown! Lejilex, a Texan exchange pioneer, and the Crypto Freedom Alliance of Texas (CFAT) are
taking on the SEC in a legal showdown. They claim the regulator's grip on the digital asset industry is
overreach.
Filed on
Feb. 21, this complaint in the Northern District Court of Texas accuses the SEC of a "gross overreach" in its crackdown on crypto companies.
The bone of contention? The SEC's broad brushstroke approach, treating almost all digital assets as investment contracts. Lejilex argues this could rope in everything from
collectibles to luxury goods!
With no clear guidance from Congress, Lejilex wants to know where it stands before launching its non-custodial exchange. It's not about evading rules; it's about getting clarity without being labeled a securities exchange.
Mike Wawszczak, co-founder of Lejilex, laments that instead of building their business, they're forced into litigation. They just want to create tech within the bounds of the law!
Jake Chervinky from Variant sees this as a game-changer, signaling that the crypto industry won't be bullied out of America without a fight.
Amanda Tuminelli from Defi Education Fund highlights that this is an unprecedented move – a crypto company suing proactively for clarity before launching. It's time to seek answers!
