Jake Chervinsky (jchervinsky)

The SEC spent years saying "tokens are securities." Then last month they took it back, pretended they didn't say it at all, and fake apologized for the confusion it caused. Sorry, but @atuminelli and I aren't buying it, so we told the truth 👇 https://blockworks.co/news/sec-wrong-about-crypto-asset-securities

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The SEC has fully lost the plot. The idea that a financial markets regulator established in the 1930s would have jurisdiction over digital art in the 2020s defies not only common sense but also the SEC's statutory authority. Thanks to @opensea for fighting the good fight 🫡

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What do you not understand about crypto law or policy that you wish someone would ELI5?

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The SEC sank to new lows yesterday. Since day one, the SEC has said tokens *are* securities, even though that makes no sense as a matter of law. Yesterday in the Binance case, they finally admit that's wrong — and gaslight a federal court about YEARS of their own arguments 🤯 h/t @iampaulgrewal for posting on X:

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