Judge 🇺🇸 Amy Berman Jackson just rejected the SEC's argument that #BNB secondary (on-exchange) transactions were securities under the Howey standard, citing Judge Analisa Torres' opinion in Ripple, XRP exchange Secondary transactions are not securities.
Although the Court found that the SEC could claim that the $BNB sales
initially an investment contract, but the nature of a token can change over time and even if a token is initially a security, it does not mean it always remains a security.
This is a strong blow to the SEC tonight, how can they expect to win in the Coinbase, Kraken, Consensys case if the secondary token transactions are not investment contracts?
