Robert Cohen, former SEC Cyber Chief, and current Davis Polk partner, criticized the SEC’s practice of naming tokens as securities in lawsuits without including the token issuers as defendants. He argued this approach is “unfair” and negatively impacts “real people and real businesses” associated with the tokens. Cohen called for more transparency from the SEC regarding the criteria for classifying tokens as securities. He also highlighted the potential long-term impact on token issuers and crypto networks, as these allegations could remain unresolved for years.
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