DeFi lobbying groups dropped their airdrop lawsuit against the U.S. SEC, citing a change in the crypto industry landscape.

CoinFeed reported on March 17th, citing Cointelegraph, that Texas-based apparel company Beba and crypto lobbying group DeFi Education Fund have voluntarily withdrawn their 2024 lawsuit against the U.S. Securities and Exchange Commission (SEC). The lawsuit targeted the SEC's regulatory approach to airdrops, accusing it of violating the Administrative Procedure Act by enforcing digital asset policies without a formal rule-making process. The voluntary withdrawal document cited the work of the SEC's Crypto Task Force and several speeches by Commissioner Hester Peirce last year, in which Peirce suggested that airdropped tokens were not securities and mentioned that the SEC was considering establishing an exemption framework for airdrops, as well as the White House's January executive action encouraging the SEC to create "safe harbors" for certain airdrops.