US cryptocurrency company Lejilex and the Cryptocurrency Freedom Alliance of Texas (CFAT) have sued the US SEC on Wednesday, claiming that the regulatory agency has acted beyond its authority with regards to digital assets and requesting that the court rule that digital assets traded on exchanges are not securities. Lejilex stated that the SEC has exercised jurisdiction over the industry without "clear statutory authority" and that its classification of digital assets as "investment contracts" is incorrect, as they do not establish a continuing commitment between creators and purchasers. They also request that the court apply the "significant question" doctrine, which allows judges to declare administrative agency actions with "enormous economic and political significance" invalid unless authorized by Congress.