SEC Clarifies ‘Crypto Asset Securities’ Confusion Amid Ripple and Coinbase Reactions

Coinbase’s Chief Legal Officer, Paul Grewal, and Ripple’s legal head, Stuart Alderoty, have criticized the SEC for its inconsistent classification of tokens as securities.

Grewal highlighted the SEC’s admission of confusion in its amended complaint against Binance, particularly Footnote 6, where the agency acknowledged causing confusion by labeling tokens as securities. He also noted the SEC’s contradictory stance on Ethereum transactions.

Alderoty supported these criticisms, pointing out that while Ripple’s case has concluded, the ‘fair notice’ defense remains relevant for others. He expressed frustration over the SEC’s evolving stance, emphasizing that the agency’s recent apology underscores longstanding issues with its regulatory approach.

Clever Robot News Desk 17^th September 2024