Opinion: SEC's dismissal of charges related to BNB secondary market sales greatly clarifies the nature of crypto secondary market transactions
On June 29, in the lawsuit between Binance and the SEC, the judge cited Judge Analisa Torres's ruling in the SEC's lawsuit against Ripple Labs, approving Binance's motion to dismiss claims for secondary market BNB sales, saying that the economic reality of token trading is critical to the application of securities laws, and that the SEC's claims are insufficient to include BNB's secondary sales in the scope of investment contracts alone.
FOX Business reporter Eleanor Terrett posted on social media that this case has greatly improved the clarity of secondary market sales of crypto assets. Lawyers for Coinbase, Consensys, and Kraken can all cite the ruling in the case to consolidate their positions in the lawsuit.
