The Securities and Exchange Commission (SEC) is facing criticism after admitting that the term "crypto asset security" was made up and has no legal basis. This revelation signals a major retreat in the SEC's regulatory enforcement campaign against the digital asset industry. The SEC has been suing industry participants in an attempt to restrict the growth of cryptocurrencies, but this approach has been widely criticized and has not been effective. The recent apology by the SEC buried in a footnote in a court document has caused outrage and raised questions about the agency's credibility and consistency. The SEC's abandonment of the term "crypto asset securities" will make it difficult for them to assert authority over secondary markets for digital assets and could weaken their position in both the courts and Congress.



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