In a U.S. federal court ruling, Judge Amy Berman Jackson rejected several key claims by the Securities Exchange Commission (SEC), including the claim that crypto tokens themselves are securities. The court ruled that the SEC failed to charge the fact that the sale of BNB tokens on the secondary market by cryptocurrency exchanges was a securities transaction. The court also rejected the Securities Exchange Commission's argument that Binance's fiat-backed stablecoin, BUSD, was an investment contract. While some of the SEC's lawsuits were dismissed, the court is currently allowing some to proceed. However, we expect the SEC to face significant challenges in proving these lawsuits.