Lejilex and the U.S. Securities and Exchange Commission (SEC) have jointly requested a Texas court to postpone oral arguments set for February 20, 2025 and delay decisions on pending motions until April 11, 2025.
Lejilex’s Motion Against SEC
In a motion filed on February 11, the defendants, including the SEC and its commissioners, asked the court to “remove the February 20, 2025 argument from its calendar and hold the pending dispositive motions in abeyance until April 11, 2025.” The motion cited the recent leadership transition at the SEC and the creation of a crypto task force as reasons for the delay.
“A transition in Commission leadership took place on January 20, 2025,” Lejilex’s filing stated. It added, “And on January 21, 2025, Acting Chairman Mark T. Uyeda launched a crypto task force dedicated to helping the Commission develop the regulatory framework for crypto assets.” The SEC suggested that the task force’s work “may affect and could facilitate the potential resolution of this case.”
The lawsuit, originally filed in February 2024 by Lejilex and the Crypto Freedom Alliance of Texas, challenges the SEC’s jurisdiction over digital assets. The plaintiffs are seeking “declaratory relief addressing the application of the federal securities laws to crypto asset transactions and injunctive relief regarding Securities and Exchange Commission enforcement actions.”
Currently, the case has three pending motions: two motions to dismiss filed by the SEC and a motion for summary judgment from the plaintiffs. The SEC’s latest filing argues that postponing proceedings would “allow the current Commission adequate time to review crypto-related issues while also conserving judicial resources.”
The plaintiffs have consented to the requested delay. The SEC plans to file a status report by April 11, 2025, to update the court on any relevant developments and propose a schedule for further proceedings.
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