The U.S. Securities and Exchange Commission (#SEC ) has backed down from the lawsuit against #Binance and Changpeng Zhao.

The agency has amended its lawsuit, stating that it has abandoned the term “crypto asset securities”, which has been used in numerous lawsuits, as expected. The SEC emphasized that it did not intend to imply that any of the tokens were actually securities during this period. The agency also added that it will refrain from using the phrase in the Binance lawsuit and regrets the confusion.

“I am shocked. That gaslighting can be this extreme,” said attorney Jake Chervinsky, who commented on the matter: “The SEC has finally denied the criticism of the fabricated ‘crypto asset security’ and has responded by abandoning the term. The SEC used the term ‘crypto asset securities’ eight times in the eToro settlement document on the same day it told the court that it would no longer use the phrase to avoid confusion. The SEC has officially screwed up.”

Ripple’s general counsel Stuart Alderoty, who won a four-year lawsuit with the SEC, said, “It’s time to accept that the SEC is in the middle of the registrants.” Alderoty added that the SEC has finally admitted that the fact that “crypto asset security” is a made-up term.

This U-type crypto section of the SEC can be seen as serious.

#czbinance #US #BinanceTurns7