What is known about this
The judge was Analisa Torres. She concluded that the sale or other distribution of a crypto asset is not considered an offer or implementation of investment-type contracts.
Recall that the Sec filed a lawsuit back in 2020. The accusation was the lack of registration of securities, which are native coins of the site.
Note that the company won the case with reservations. The court decided that when buying tokens more than $ 700 million by large investors was illegal. The judge also approved the agency's petition to simplify the procedure for making a decision on this item.
At the moment, Brad Garlinghouse and Chris Larsen are due to appear before a jury. Recall that the first one heads the company, and the second one is the executive director. The jury will have to decide whether the executives are guilty of illegally selling coins to large investors.
It should be noted that the representative office of the department reported that they will review the results. So, it is possible that the Commission will appeal.