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Texas apparel company sues SEC over its airdropped token

Bitcoin token coin collecting in small trolley
Photo: Getty Images

Cryptocurrency company and industry group claim regulator has overstepped its authority.

A small apparel company called Beba is suing the SEC in a Texas federal court in a dispute over whether a crypto token is a security. What makes this particularly noteworthy is that the challenge comes before the SEC has contacted or sanctioned Beba.

Like some other crypto-industry players, the