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When Beba, a startup based in Waco, Texas, offered customers a chance to buy exclusive products at a reduced price with its digital token, BEBA, it didn't think much about the Securities and Exchange Commission.
"Like any business owner, I'm always thinking about new and innovative ways to reach more customers, grow support for our products, and build more awareness of Beba's mission," co-founder Nathan Hennigh says in a press release.
"Unfortunately, my brother and I are operating in a state of constant uncertainty because of the SEC's dangerous track record of haphazardly going after businesses that use digital assets just like our $BEBA token."
That's why Hennigh and his brother, Jonathan, have filed a lawsuit against the SEC, arguing that the agency's "unwritten but aggressively enforced rule that all digital assets are securities" is unconstitutional and hurts Beba's ability to operate, the Washington Post reports.
"The SEC's unjust and ad-hoc enforcement campaign threatens businesses of all kinds, including companies like Beba who want to be able to use innovative technologies for legitimate business reasons," says Miller Whitehouse-Levine, CEO of the nonprofit DeFi Education Fund, which filed the complaint
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