According to TechFlow news on October 29, Greg Xethalis, General Counsel of Multicoin Capital, posted on the X platform that five top crypto investment firms—Multicoin Capital, a16z Crypto, Paradigm, USV, and Variant—have jointly submitted an amicus brief in the Beba v. SEC case. This case focuses on the legal definition of token airdrops and the rights of individuals in the U.S. to issue tokens to promote decentralization. Currently, U.S. regulatory agencies lack clear guidelines for token issuance, which not only hinders the development of businesses using blockchain technology but also prevents American consumers from enjoying the benefits brought by related innovations.

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<p>According to TechFlow news, on October 29, Greg Xethalis, General Counsel of Multicoin Capital, posted on the X platform stating that five top crypto investment firms—Multicoin Capital, a16z Crypto, Paradigm, USV, and Variant—have jointly submitted an amicus brief in the case of Beba v. SEC.</p>
<p>This case focuses on the legal definition of token airdrops and the rights of individuals in the U.S. to issue tokens to promote decentralization. Currently, U.S. regulatory agencies lack clear guidelines on token issuance, which not only hinders the development of businesses utilizing blockchain technology but also prevents U.S. consumers from benefiting from related innovations.</p>
<p><a href="https://www.techflowpost.com/newsletter/detail_44060.html" target="_blank">Previous news</a> reported that Beba filed a lawsuit in March 2024 in the U.S. District Court for the Northern District of Texas, requesting the court to declare that its BEBA token airdrop does not constitute a security and to require the SEC to comply with the Administrative Procedure Act during the rule-making process.</p>
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Five major crypto venture capital firms, including a16z and Paradigm, jointly support Beba's lawsuit against the SEC for a complaint.