TechFlow news, on October 29, according to The Block, two major U.S. cryptocurrency lobbying groups—Blockchain Association and Crypto Council for Innovation—submitted a 30-page amicus brief to the court on October 28 in support of apparel brand Beba's lawsuit against the U.S. Securities and Exchange Commission (SEC), calling for clear regulatory rules regarding token airdrops.
The case centers on the Howey Test, with both organizations arguing that token airdrops do not constitute an "investment contract." They指出 that since recipients receive tokens without paying any consideration, this fails to meet the "investment of money" prong of the Howey Test. Furthermore, there is no "common enterprise" relationship between the token issuer and recipients.
