Coinbase Chief Legal Officer: SEC Amends Binance Complaint to Acknowledge Misleading Token Qualification, May Lead to Regulatory Uncertainty

{"p1":"On September 13th, Paul Grewal, the Chief Legal Officer of Coinbase, revealed on social media regarding the revised complaint by the U.S. Securities and Exchange Commission (SEC) against Binance, acknowledging the misleading statements previously made regarding token classification. Grewal cited footnote 6 of the SEC's amended complaint, stating, \"SEC regrets any confusion it may have caused,\" referring to SEC's earlier incorrect and repeated claims that tokens themselves are securities.","p2":"Grewal pointed out that the SEC, in the footnote of the complaint, acknowledged the potential for confusion, contrasting sharply with its long-standing position of insisting on \"enforcement oversight.\" Grewal questioned, \"Why is the SEC misleading the court?\" He also raised a crucial question: How does the SEC differentiate Ethereum transactions from other crypto assets? Grewal believes that this lack of transparent differentiation criteria may lead to regulatory uncertainty.","p3":"Stuart Alderoty, the Chief Legal Officer of Ripple, stated that the SEC's actions actually admit two points: first, the term \"crypto asset securities\" is a fictional term lacking legal basis; second, to prove that a crypto asset is an investment contract, a series of evidence regarding \"contract, expectation, and understanding\" is required, rather than just the asset itself. Alderoty believes that the SEC has fallen into a contradictory situation."}