TechFlow reported on September 13 that Coinbase Chief Legal Officer Paul Grewal disclosed on social media that the U.S. Securities and Exchange Commission (SEC) acknowledged misleading statements in its amended complaint against Binance regarding the characterization of tokens. Grewal cited footnote 6 of the SEC's amended complaint: "The SEC regrets any confusion it may have caused," referring to the SEC's previous incorrect and repeated assertions that tokens themselves are securities.
Grewal pointed out that the SEC's acknowledgment of potential confusion in a footnote starkly contrasts with its long-standing practice of enforcing regulation through enforcement actions. He questioned, "Why did the SEC mislead the court?" He also raised a key issue: how does the SEC differentiate Ethereum transactions from other crypto assets? Grewal argued that the lack of transparency in such differentiation standards could lead to regulatory uncertainty.
Ripple's Chief Legal Officer Stuart Alderoty commented that the SEC's move effectively admits two points: first, that "crypto asset security" is a fictional term; second, that to prove a "crypto asset security" constitutes an investment contract, the SEC must present evidence of a series of "contracts, expectations, and understandings," rather than relying solely on the nature of the asset itself. Alderoty believes the SEC has now陷入 a self-contradictory position.
