SEC v. Binance judge: The nature of tokens may change, and securities attributes may not always remain

Fox Business reporter Eleanor Terrett wrote on X that in the latest development of the SEC's lawsuit against Binance, Judge Jackson said that the nature of tokens can evolve over time, and even if a token is initially a security, it does not mean that it will always remain a security. Terrett pointed out that Judge Jackson may be the first judge to formally mention this matter. He said, "(I) insist that the asset that is the subject of the so-called investment contract is itself a "security" because it moves forward in business and can be bought and sold by individuals on any number of exchanges and used in any way for an indefinite period of time. This marks a departure from the Howey framework, which is out of the scope of the court's ruling. The industry and future buyers and sellers do not have a clear principle to distinguish whether tokens on the market are securities or non-securities."