Judge Thomas Ambro noted the rejection was “conclusory,” while Judge Stephanos Bibas warned the SEC about its enforcement-heavy approach, which he argued could unfairly target the entire industry.

Judge Thomas Ambro wrote that the SEC’s original denial lacked sufficient reasoning. In a separate concurrence, Judge Stephanos Bibas warned that “sporadically enforcing ill-fitting rules ...

nor does it explain how it accounted for them,” wrote Judge Thomas L. Ambro. Ambro said the agency has taken a general position that some digital assets may qualify as securities and has said it ...