Ripple's Chief Legal Officer: SEC Has Been Inconsistent on Defining Crypto Assets
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September 13, 2024
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ChainCatcher News: Binance and Ripple Respond to SEC's Admission of Misleading Statements
ChainCatcher reports that Binance has amended its lawsuit against the SEC, citing footnote 6 which states that the SEC "regrets any confusion it may have caused." This refers to the SEC's previous mischaracterization of tokens as securities.
The amendment follows Coinbase Chief Legal Officer Paul Grewal's recent post on X, where he revealed the SEC's misleading statements regarding token classification.
Responding to this development, Ripple's Chief Legal Officer Stuart Alderoty highlighted two key takeaways:
- "Crypto asset securities" is a fabricated term.
- To prove a crypto asset is an investment contract, the SEC needs substantial evidence of "contracts, expectations, and understandings."
Alderoty further argued that the SEC has essentially fallen into a contradiction with its recent admissions.
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