According to Foresight News, The Block cited court documents as saying that the U.S. Securities and Exchange Commission (SEC) stated in a footnote in the proposed revised complaint against the cryptocurrency Binance that when referring to crypto asset securities, it does not refer to the crypto assets themselves, but to the full set of contracts, expectations and understandings for the sale of such assets. In fact, the agency simply uses this term as "abbreviation." At the same time, the U.S. SEC also claimed that it has always held this position and cited supplementary text in the case against Telegram. However, in order to clarify the facts, the U.S. SEC also stated that it would avoid using this abbreviation in the case against Binance and expressed "regret for any confusion."
Foresight News previously reported that Paul Grewal, chief legal officer of Coinbase, pointed out that the agency described the cryptocurrency XRP as a security in the first page of its complaint against Ripple. Ripple's chief legal officer Stuart Alderoty further criticized the SEC, saying that the U.S. Securities and Exchange Commission (SEC) had cited the 2017 DAO report in an attempt to prove that it had informed the industry in advance that "crypto asset securities" needed to comply with U.S. securities laws.
