A federal judge in the United States upheld most of the SEC's charges against Binance, arguing that the company may have violated anti-fraud rules by offering unregistered investment products. The ruling found that most of the agency's arguments were reasonable and rejected some of Binance's arguments, which were also rejected by other judges, such as the Major Questions Doctrine, which means the SEC does not have the authority to fully regulate the cryptocurrency industry. In addition, the court found that CZ, Binance's founder and former CEO, who is currently serving a prison sentence, was charged by the Justice Department in a separate case against Binance and may be held personally responsible for Binance's violations given his control over Binance. However, the judge also rejected certain complaints related to some of the allegations. Judge Amy Berman Jackson's ruling noted that the charges did not meet the Howie test. Judge Jackson also dismissed the charges relating to BNB secondary sales and Binance's Simple Earn Vault project, but the charges against Binance's Earn Vault will continue. Of the 13 charges, only one (relating to the BUSD sale) was dismissed outright.