In a legal battle against the U.S. Securities and Exchange Commission (SEC), Texas-based Lejilex and Crypto Freedom Alliance of Texas (CFAT) take action, challenging the SEC's authority in the crypto sector.
They argue the regulatory body lacks a clear legal mandate. Lejilex, set to launch Legit.Exchange, a crypto trading platform, plans to list tokens previously deemed securities in lawsuits against Coinbase and Binance.
Co-founder Mike Wawszczak regrets the legal route but disputes the SEC's classification of cryptocurrencies as securities, citing a lack of ongoing commitments akin to traditional securities.