According to TechFlow, on September 13, Paul Grewal, chief legal officer of Coinbase, disclosed on social media that the U.S. Securities and Exchange Commission (SEC) admitted its previous misleading statements about the characterization of tokens in its revised complaint against Binance. Grewal quoted footnote 6 of the SEC's revised complaint: "The SEC regrets any confusion it may have caused," referring to the SEC's previous erroneous and repeated statements that tokens themselves are securities.

Grewal pointed out that the SEC's admission of the potential for confusion in the footnotes of the complaint is in stark contrast to its long-standing position of "enforcement regulation." Grewal questioned, "Why did the SEC mislead the court?" He also raised a key question: How does the SEC distinguish between Ethereum transactions and other crypto assets? Grewal believes that the lack of transparency in this distinction standard may lead to regulatory uncertainty.

Ripple's chief legal officer Stuart Alderoty said that the SEC's move actually acknowledged two points: first, "crypto-asset securities" is a fictitious term that lacks legal basis; second, to prove that crypto assets are investment contracts, a series of "contracts, expectations and understandings" are required, not just the assets themselves. Alderoty believes that the SEC has fallen into a dilemma of self-contradiction.