SEC vs Binance. UPDATE

Judge 🇺🇸 Amy Berman Jackson just rejected the SEC's argument that secondary (on-exchange) BNB transactions are securities under the Howey standard, citing Judge Analisa Torres' opinion in the Ripple, XRP exchange case. Secondary transactions are not securities.

While the Court found that the SEC may consider initial BNB sales to be investment contracts, the nature of a token can change over time and even if a token is initially a security , does not mean it always remains a stock.

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?