Prominent lawyer James Murphy, also known as MetaLawMan, criticized the SEC for its approach to regulating digital assets in the US. Murphy highlighted a footnote in the Binance vs. SEC lawsuit where the regulator expressed regret for any confusion caused by terming cryptocurrencies as securities. Murphy argued that the digital asset sector is too large to be addressed only in footnotes and questioned the SEC's method of regulation. Other figures in the crypto industry, such as Coinbase's legal chief Paul Grewal, also criticized the SEC for its inconsistent classification of cryptocurrencies as securities and raised concerns about the regulator's actions in the Binance lawsuit.
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