The Blockchain Association and the Crypto Council for Innovation have filed a joint amicus brief supporting Beba and the DeFi Education Fund in their legal challenge against the Securities and Exchange Commission (SEC). The case questions the SEC's interpretation of token airdrops as securities.

Marisa Coppel, Head of Legal at Blockchain Association, expressed concerns over the SEC's stance. "The SEC’s attempt to regulate airdrops as securities by ignoring the fundamental ‘investment of money’ requirement of the Howey test threatens innovation and creates unnecessary regulatory uncertainty," she stated. Coppel warned that this approach could drive companies and talent away from the United States.

Ji Kim, Chief Legal & Policy Officer at the Crypto Council for Innovation, also criticized the SEC's position. "The SEC’s flawed view that an airdropped token can somehow constitute an investment contract and is therefore a security is contrary to Supreme Court precedent and common sense," he said. Kim argued that the SEC's strategy has led to significant regulatory uncertainty, hindering American innovation.

The brief argues that the SEC's current method of "regulation by enforcement" has created a challenging environment for digital assets. It suggests that by maintaining positions on crypto innovations inconsistent with legal precedent, the SEC is stifling industry growth.

Supporting plaintiffs' opposition to dismissing their case, the brief emphasizes that without monetary investment, airdrops cannot be considered investment contracts under existing law. This interpretation contradicts established Supreme Court precedent according to those filing in support of Beba.