Lawsuit Takes Aim at SEC Over Crypto Airdrop Policies

Lawsuit filed against SEC seeking court order that crypto airdrops are not securities to protect companies from litigation
Suit accuses SEC of creating unofficial internal crypto policies without disclosing them publicly, violating Administrative Procedures Act
Crypto industry shifting to legal offense against SEC instead of playing defense as enforcement ramps up
Free crypto airdrops have raised billions recently; lawsuit argues they don't meet SEC's Howey Test for investment contracts
Expert says lawsuit makes "solid case" for airdrops not being securities but may struggle to prove SEC violated procedures act