US judge: The nature of tokens may change, and securities attributes may not always remain

Fox Business reporter Eleanor Terrett posted on social media that in the latest development of the SEC's lawsuit against Binance, Judge Jackson stated that the nature of tokens can evolve over time, and even if the token was initially issued as a security, it does not always remain as a security. Terrett pointed out that Judge Jackson may be the first judge to formally mention this matter. She argued that assets that are the subject of so-called investment contracts are themselves "securities" because they can be bought and sold by individuals on any number of exchanges and used in any way at uncertain times, which deviates from the Howey framework and falls outside the scope of court rulings, leaving no clear distinction in the market between securities and non-securities for the industry and future buyers and sellers.