According to Foresight News, The Block reported that a U.S. federal judge upheld most of the charges brought by the U.S. Securities and Exchange Commission (SEC) against Binance, believing that Binance may have provided unregistered investment products, but the judge also dismissed certain charges related to some of the charges. For example, Binance's initial sale of BUSD was deemed appropriate by the court because "the description of the asset, the way it was sold, and how the proceeds from the sale were distributed were very different from the charges in question." Judge Amy Berman Jackson's ruling stated that the charges did not meet the Howey test standard. Judge Jackson also dismissed charges related to the secondary sale of BNB and the Binance Simple Earn project, but charges against Binance's Earn Vault will continue, and only one of the 13 charges (related to BUSD sales) was completely dismissed.
James MetaLawMan Murphy, a lawyer specializing in cryptocurrency, said, "The ruling dismissing the SEC's charges involving third-party secondary market sales is clearly a victory for the entire cryptocurrency industry." The overall impression given by this ruling is that rulings on crypto assets should be analyzed on a case-by-case basis, and it is unlikely that broad statements will be made about whether all crypto assets represent investment contracts.
