Crypto analyst Phyrex posted on the The overall victory was actually not right, it was just that the SEC gave up the prosecution of the two executives, and the fines still have to be imposed."
Phyrex further stated that the SEC may still appeal: “Because Judge Torres has rejected the SEC’s fast appeal application, the SEC can only wait until the approval of the appeal, that is, after April 2024. Before the SEC appeal fails, , it cannot be considered that sales on exchanges are not securities. Judging from the current prosecution situation in the Terra Luna (UST) incident, there is no distinction between sales on exchanges and all sales are deemed to be securities."