Overview
- The plaintiffs filed a voluntary dismissal in the Western District of Texas that preserves their right to refile.
- They cited SEC Crypto Task Force work and public remarks, including from Commissioner Hester Peirce, suggesting freely distributed airdrops may not be securities.
- The court filing referenced exploration of a possible exemption framework for airdrops and the DeFi Education Fund said it expects the SEC to address the issue soon.
- The 2024 suit was a pre-enforcement APA challenge arguing the SEC set crypto policy through enforcement rather than notice-and-comment rulemaking.
- Regulatory context includes a post-Gensler shift at the SEC with several case dismissals, such as the action against Nader Al-Naji, while no formal airdrop rulemaking has been issued.