Tokens alone didn't qualify as securities, regulatory tribunal rules
Resolution follows finding that Terraform Labs and its founder are liable for securities fraud
Suit alleges that retail investor trades violated securities law
Fraudster raised $1.2 million from investors in illegal distribution
Settlement includes 20-year market bans, monetary sanctions
Regulator failed to meet burden of proof on all counts
Tribunal accepts settlement with crypto project founders, including more than $1.5 million in sanctions
Panel said penalty should be bigger than regulator requested
Firm fled in face of regulatory attention, prompting investor losses, U.S. alleges
Regulators allege Axia Project misled investors with unregistered offering