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 incredible that the SEC has maintained such a misguided stance for so long. Their recent backtracking in the Binance case reveals the shaky foundation of their arguments and raises serious questions about their legal interpretations. Thanks to @iampaulgrewal for highlighting this pivotal moment.