Texas Bitcoin Mining Company Challenges SEC Authority in Crypto Lawsuit

Twitter icon  •  Published 1 month ago  •  Nikolas Sargeant

Lejilex, a Texas crypto mining firm, and Crypto Freedom Alliance of Texas (CFAT) sue the SEC, disputing its control over crypto, seeking non-securities classification.

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.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.