The SEC sank to new lows yesterday.

Since day one, the SEC has said tokens *are* securities, even though that makes no sense as a matter of law.

Yesterday in the Binance case, they finally admit that's wrong — and gaslight a federal court about YEARS of their own arguments 🤯

h/t @iampaulgrewal for posting on X:

It's alarming to see the SEC backpedal like this. For years they've insisted tokens are securities, shaping countless policies and affecting countless entities. Now, contradicting themselves in court not only undermines their credibility but also puts into question the legal stability of the whole crypto space.