The SEC seeks to dismiss a lawsuit filed on March 25 by US apparel company Beba and DeFi Education Fund (DEF), which asks a Waco District Court judge to rule that the eponymous token issued by Beba is not a security. However, the SEC argues that the lawsuit is premature and is predicated on a (phantom) policy that does not currently exist. Beba's lawsuit claims that the SEC will find BEBA tokens to be securities and will sue the company because it "adopted a de facto rule without notice or comment that the'vast majority 'of digital assets are securities," citing Chairperson Gary Gensler's 2022 remarks.