There has been an important development in the SEC's case against Binance. Judge Amy Berman Jackson rejected the SEC's argument that secondary sales of BNB coins could be classified as securities under the Howey Test. This decision is described as a significant victory for Binance and the overall crypto industry.

Effects of the Decision

Judge Jackson emphasized the importance of the Howey Test in assessing the economic reality of a token transaction, citing a similar decision in the Ripple case. The nature of the technology, the independence of the platform, and the performance of each token led to the conclusion that the SEC's case for classifying secondary sales of BNB as investment contracts was not strong enough.

BUSD and Other SEC Claims

Additionally, Judge Jackson rejected the SEC's allegations regarding the sale of Binance USD (BUSD) stablecoins and the Simple Earn program, which offers passive income opportunities. He criticized the inconsistencies in the government's arguments and announced his decision on the matter.

Volatile Nature of Tokens

Judge Jackson also noted that the characteristics of a token can change over time. He noted that even if a token may initially be considered a security, this may not be the case on an ongoing basis. This detail could influence the SEC's stance on the classification of crypto assets and set a precedent.

Not a Complete Victory for Binance

However, it should be noted that this decision does not mean a complete victory for Binance. The SEC may still pursue litigation regarding Binance's BNB staking program, fraud allegations, and post-ICO sales. Additionally, the SEC continues to investigate claims that Binance founder Changpeng Zhao (CZ) has exercised de facto control over the company, which may require Binance to register under exchange laws.

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