• James Murphy called the SEC’s approach to crypto regulation “weird.”

  • Murphy added that the crypto sector is too big to be mentioned in footnotes.

  • The market cap of the crypto space stands at $2.1 trillion.

Prominent lawyer focused on cryptocurrencies, James Murphy, also known as MetaLawMan across his social media handles, took shots at the United States Securities and Exchange Commission (SEC) for its “weird” approach towards the regulation of digital assets in the country. 

In a post on social media platform X (previously known as Twitter), Murphy talked about the footnotes in the Binance vs. the SEC lawsuit wherein the regulator said that it “regrets” any confusion that it might have stirred by terming cryptocurrencies as securities. The agency then added that by securities it meant the “full set of contracts, expectations, and understandings centered on the sales and distribution” of a virtual asset.

Here's the SEC brief asking permission to amend the Binance complaint.
The relevant footnote is at page 24.https://t.co/ZWHtRVseMp

— MetaLawMan (@MetaLawMan) September 13, 2024

Read also: MetaLawMan Criticizes the SEC’s Disgorgement…

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