The U.S. Securities and Exchange Commission (SEC) contends that the classification of tokens in its civil case against Terraform Labs should be determined as a “legal question” by the court and not as a “factual question for the jury.” This position reflects the ongoing debate about which cryptocurrencies should be categorized as securities or commodities in the United States. The SEC has been actively involved in various lawsuits and enforcement actions against crypto platforms, including Binance and Coinbase.