PANews reported on October 29 that Multicoin Capital General Counsel Greg Xethalis stated on the X platform that today, Multicoin Capital, together with a16z Crypto, Paradigm, USV and Variant, filed a friend of the court brief on the lawsuit filed by Beba, LLC against the Securities and Exchange Commission (SEC). Beba is seeking clarity on the use of airdrops and how American individuals can issue tokens to promote decentralization. The current lack of guidelines has caused problems for companies seeking to use this technology and has also hindered American consumers from enjoying related benefits.

Earlier in March, it was reported that the DeFi Education Fund and Texas clothing company Beba were suing the U.S. Securities and Exchange Commission, asking the Texas District Court to declare that their BEBA token airdrop was not a security and to enforce the Administrative Procedure Act during the SEC's rule-making process.