A consortium of crypto industry juggernauts is suing the U.S. Securities and Exchange Commission (SEC) in Texas, in response to years of what it calls “erroneous SEC enforcement actions.”

The Texas lawsuit, led by the Crypto Freedom Alliance of Texas (CFAT) and Fort Worth, Texas-based startup crypto exchange Lejilex, demands judicial clarity over whether the SEC has regulatory authority over most digital asset transactions within the state. The plaintiffs assert the SEC does not have such authority, despite the agency’s frequent claims to the contrary.

“The SEC’s unlawful, unpredictable approach has created an environment in which companies like Lejilex are unable to operate without fear of being subject to SEC enforcement actions,” CFAT said in a Wednesday press release.

CFAT is comprised of several crypto industry leaders, including Coinbase, Andreessen Horowitz’s a16z Crypto division, Ledger, Paradigm, and Blockchain Capital. Coinbase is already juggling its own lawsuit with the SEC for failing to register as a securities exchange despite allegedly listing several securities on its platform.

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Author: Andrew Throuvalas

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