@zasad@. Agreed that it is arguable but only on how the sales of those tokens transpired. But the most important part of the ruling is the tokens by themselves are not illegal securities. If the next projects to be created take the judge's ruling as a predecent, they should avoid token sales as shares directly to investors and make direct to public market sales with them. This will need some creativity, however, it is not impossible similar to how we are witnessing airdrops and memecoins start their markets.
Airdrops and other distributions of tokens for activity are a way to distribute tokens, but the question arises: how to receive investments?
In this case, the tokens will not be sold. The company will receive money from investors, and then these tokens will become the property of the investors who own the company. And it turns out that there was no token sale or what?
