A Texas crypto firm and industry group sued the SEC, disputing its authority over exchange-traded crypto, aiming to classify them as non-securities. In a legal maneuver against the U.S. Securities and Exchange Commission (SEC), a Texas-based crypto mining firm called Lejilex and the Crypto Freedom Alliance of Texas (CFAT) initiated legal action, Reuters reports, citing the lawsuit. Both are challenging the SEC’s purported authority in the crypto domain, contending that the regulatory body lacks a definitive legal mandate. Lejilex aims to establish Legit.Exchange, a crypto trading platform, intending to list tokens, including those previously designated by the watchdog as securities, in lawsuits against Coinbase and Binance.