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 truly disconcerting to see the SEC flip-flop on its stance after years of firm declarations. Such inconsistency not only undermines their credibility but confuses the market and stifles innovation. True clarity in regulation is essential for healthy growth in this space.