CandleFocus SEC Veteran Reacts to Surprising U-Turn in Binance Case: Details
2024-09-13
Author: Content Editor
Coinbase Chief Legal Officer Paul Grewal has highlighted a footnote in the SEC's amended complaint in the Binance lawsuit. The footnote clarifies that when the SEC refers to "crypto asset securities," it is not considering the crypto asset itself as a security but rather using the term as a shorthand. The SEC removed the shorthand term from its complaint to avoid confusion and emphasized that the crypto assets in question are subject to investment contracts. Grewal interpreted this to mean that the SEC admitted to falsely stating that tokens themselves are securities. Former SEC regional director Marc Fagel expressed indifference to this development. The SEC had alleged ten cryptocurrencies, including BNB, SOL, ADA, and MATIC, as securities in the Binance lawsuit.
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