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.