Fort Worth’s headquartered cryptocurrency firm, Lejilex, in collaboration with the Crypto Freedom Alliance of Texas (CFAT), have commenced legal proceedings against the U.S. Securities and Exchange Commission (SEC). The plaintiffs contend that the SEC has overstepped the bounds of its regulatory jurisdiction by assuming control over the digital asset space without apparent legislative authority.
This lawsuit, filed in the U.S. District Court of Fort Worth, represents a significant threat to the SEC’s cryptocurrency regulation, asking for judicial validation that digital assets traded on such platforms as planned by Lejilex are not securities subject to its control.
SEC Power Challenge
Lejilex, which plans to set up a cryptocurrency platform called Legit.Exchange, and CFAT, an advocacy group for the creation of the digital asset policy in Texas, have united in criticizing the SEC’s claims on jurisdiction over the crypto industry. The complaint highlights the absence of a clear sta
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