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Case Caption
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Assets At Issue
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Allegations
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Status
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Coinbase, Inc. v. SEC, No. 23-3202, (3d Cir. Filed Dec. 15, 2023)
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BTC
ETH
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Coinbase’s petition for review challenges the SEC’s denial of a rulemaking petition, alleging that the SEC violated the Administrative Procedure Act through arbitrary and capricious decision-making.
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On January 13, 2025, the Third Circuit Court of Appeals granted Coinbase’s petition in part, remanding the SEC’s denial of Coinbase’s rulemaking petition back to the SEC.
The Third Circuit ordered the SEC “to explain itself” in remand, asking the SEC to “not give yet another poor explanation” for its rulemaking and to grapple with the risks of “de facto banning” the crypto industry. Further action from the SEC is pending.
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Commonwealth of Kentucky v. SEC, No. 3:24-cv-00069 (E. D. Ky. Filed Nov. 14, 2024)
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UNI
DAO
SOL
ADA
MATIC
FIL
SAND
AXS
CHZ
FLOW
ICP
NEAR
VGX
DASH
NEXO
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Eighteen states and industry group DeFi Education Fund allege that the SEC exceeded regulatory authority and preempted state laws by unilaterally asserting control of digital asset regulatory authority from the states and designating digital assets as investment contracts.
Plaintiffs also allege that the SEC’s actions were an abuse of discretion in violation of the Administrative Procedure Act.
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The SEC will respond to the complaint on February 20, 2025.
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Bitnomial Exchange, LLC v. SEC, No. 1:24-cv-09904, (N.D. Ill. Filed Oct. 10, 2024)
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XRP
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Contract market Bitnomial Exchange alleges that Bitnomial’s contemplated listing of XRP futures was threatened by the SEC as a potential violation of securities laws, preventing Bitnomial from listing.
Bitnomial seeks a declaratory judgment that XRP futures are not security futures and that the SEC is improperly asserting regulation over commodities.
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On January 17, 2025, the SEC and co-defendants filed a motion to dismiss Bitnomial’s complaint, or in the alternative, to stay proceedings pending the resolution of the appeal in SEC v. Ripple Labs Inc., Nos. 24-2648, -2705 (2d Cir.). Bitnomial’s opposition to the motion is due February 11, 2025.
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Mann v. SEC, No. 2:24-cv-01881, (E.D. La. Filed Jul. 29, 2024)
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NFTs
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Jonathan Mann and Brian Frye, two NFT artists, allege that the SEC exceeds regulatory authority when it asserts that NFTs constitute investment contracts, creating risks of securities laws violations.
The plaintiffs seek a declaratory judgment that their NFTs do not violate securities law and seek enjoinment of a potential enforcement action by the SEC.
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A hearing regarding the SEC’s motion to dismiss is set for February 26, 2025.
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Beba LLC v. SEC, No. 6:24-cv-00153 (W.D. Tex. Filed Mar. 25, 2024)
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BEBA
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Apparel company Beba LLC and industry group DeFi Education Fund allege the SEC adopted its digital asset policy without a formal notice-and-comment rulemaking process, in violation of the Administrative Procedure Act.
Beba seeks declaratory judgment that the free airdrop distribution of its BEBA tokens does not constitute an investment contract and does not constitute an unregistered offering and sale of a security.
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The SEC’s motion to dismiss is pending before the court, fully briefed as of November 20, 2024.
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LEJILEX v. SEC, No. 4:24-cv-00168 (N.D. Tex. Filed Feb. 21, 2024)
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MANA
POWR
RGT
RLY
SAND
DASH
XYO
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Digital asset platform operator LEJILEX and industry group the Crypto Freedom Association of Texas allege the SEC exceeded its regulatory power in recent enforcement actions by designating “nearly all” digital asset transactions as investment contracts.
Plaintiffs seek declaratory judgment that LEJILEX’s future secondary sales platform, Legit.Exchange, will not facilitate the sale of securities and will not be an unregistered securities exchange, broker, or clearing agency in violation of securities laws.
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Plaintiff’s motion for summary judgment and the SEC’s motion to dismiss are both fully briefed and pending before the court as of October 2, 2024.
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