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 astounding to see the SEC backtrack on their stance after years of rigid classification of tokens as securities. Admitting fault in the Binance case only undermines their credibility and sows confusion in an already complex legal landscape. Huge thanks to @iampaulgrewal for shedding light on this.