Velasquez is facing charges of attempted murder, assault and weapons possession.
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Velasquez posted a $1 million bail and was released at midnight Wednesday from the Santa Clara County Main Jail after eight months in custody.
The former UFC fighter was seen hugging the person who was there to pick him up and said he was thankful to be out and hopes to make positive changes.
"I just feel blessed, you know, ready to go home, be with loved ones, family, friends and make something positive of this whole situation," Velasquez said.
As he was released, he thanked those who had his support and said "I love you all."
The ruling by Santa Clara County Superior Court Judge Arthur Bocanegra on Tuesday concluded a two-day preliminary hearing. The judge heard witness testimony to determine whether there was enough evidence to bring the case to a jury.
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Velasquez will be under monitored release and will have to stay away from the person he's accused of shooting.
The man accused of molestation, Harry Eugene Goularte, is also facing sexual assault charges.
Velasquez followed Goularte's truck in his own vehicle on an "11-mile, high-speed chase" through the city of San Jose, rammed the truck and fired a 40-caliber handgun multiple times into the truck, which carried Goularte, Bender and Goularte's mother, Patricia, according to the DA's office. Bender was hit with a bullet, though he sustained non-life-threatening injuries.
Velasquez's son told police Feb. 24 that Goularte took him into the bathroom of a daycare center and touched his genitals, per a court document. The child said Goularte told him not to tell anyone what happened and that this situation might have occurred "100 times." The child told police that they witnessed Goularte go into the bathroom with other kids, as well.
Geragos said having a hearing was key to Bocanegra making this decision. He said he's not sure when the trial will be held, but Velasquez will have a chance to go home beginning Tuesday.
"Instead of listening to all this hyperbole and nonsense bandied about, we had a hearing with cross-examinations and witnesses under oath," Geragos said.
Velasquez faces 10 counts that could result in more than 20 years of jail time if he is convicted charged. Unless a plea agreement is reached in the meantime, a trial would likely start sometime in 2023.