A panel of federal appeals court judges in Philadelphia expressed doubt about the U.S. Securities and Exchange Commission's (SEC) refusal to issue clear regulations on the sale of crypto tokens. Lawyers for Coinbase and the SEC debated whether the regulator should clarify its rules after years of sporadic enforcement actions against crypto firms. The judges questioned where the SEC draws the line on crypto regulation and whether more information should be made public. The SEC's attorney faced criticism for not clarifying whether Bitcoin and Ethereum are commodities and for failing to take a position on Coinbase's safety in dealing with these tokens. One judge raised concerns that the SEC's actions could stifle the industry without proper rulemaking. The SEC has previously approved spot Bitcoin and Ethereum ETFs, effectively classifying them as non-securities. Coinbase's attorney criticized the SEC's lack of clarity on the security status of tokens.



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