Opinion: The SEC has fallen into self-contradiction regarding the characterization of crypto assets

News on September 13, in response to Coinbase Chief Legal Officer Paul Grewal's post on platform X revealing that the SEC had previously made misleading statements about token characterization, a revision was made in footnote 6 of Binance's complaint stating "The SEC regrets any confusion it may have caused". This refers to the SEC's previous incorrect statement that tokens themselves are securities. Ripple Chief Legal Officer Stuart Alderoty responded by saying that the SEC has actually admitted two points: one is that "crypto asset securities" is a fictitious term; and two, to prove that crypto assets are investment contracts, the SEC needs evidence of a series of "contracts, expectations and understandings". He also stated that the SEC has essentially fallen into a self-contradictory predicament.