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The U.S. Securities and Exchange Commission (SEC) has admitted to making misleading statements regarding the classification of tokens as securities. In an amended complaint against Binance, the SEC acknowledged in Footnote 6 that its use of the term 'crypto asset securities' may have caused confusion. The SEC expressed regret for any confusion invited by its statements. This admission could potentially bolster the fair notice defense for firms that have been sued by the agency. The SEC has historically referred to tokens as securities, but now claims that this terminology was merely 'shorthand.' Critics argue that the SEC's method of regulation, including dropping hints in footnotes, is inadequate for an industry with millions of investors and billions in daily trading.
It's plainly false that @SECGov has "consistently maintained" anything other than that tokens by themselves are securities. For instance, on the left is @SECGov telling Judge Failla to look to the 2017 DAO report for an "explicit" articulation of its application of Howey to… https://t.co/82mxES9Nqw https://t.co/gvg0ZtSxxu
Does the footnote the SEC dropped into its @binance brief clear up all the "crypto asset security" confusion? Maybe it's just me, but dropping hints in footnotes seems like a weird way to regulate an enormous industry with millions of investors & billions in daily trading. https://t.co/UaDCMqrTAw
Something interesting about this admission by the @SECGov is that it could have the potential to bolster the fair notice defense for firms that have been sued by the agency. If the SEC is now apologizing for causing market confusion with their 'crypto asset security' terminology… https://t.co/zBCMVhyOIs
