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:

Interesting turn of events. It's mind-boggling to watch the SEC pivot their stance after staunchly holding that tokens are securities. This inconsistency undermines their credibility and confuses the crypto community. How can we navigate regulations when the rule makers keep moving the goalposts?