Binance.US and US SEC Collaborate on a Stipulation and Proposed Order
In response to Binance.US’s motion for a protective order and the subsequent opposition by the US Securities and Exchange Commission (SEC), both parties have now filed a joint stipulation and proposed order. This recent court filing also provides some hints about the SEC’s undisclosed motion to file a document under seal, which has created anticipation for potentially unfavorable news.
Understanding the Joint Stipulation and Proposed Order
The attorneys representing the SEC as the plaintiff and Binance.US as the defendants have formally agreed upon a joint stipulation and proposed order, as indicated in a court filing on September 5. A stipulation is a formal legal agreement reached between opposing parties before a pending hearing or trial.
The purpose of this filing is to address Binance.US’s motion for a protective order and the SEC’s opposition to it. Binance.US argues that the SEC is exceeding the boundaries outlined in the previously agreed-upon consent order. Therefore, they are seeking a court order to prevent depositions of Binance.US’s CEO and CFO, as well as rejecting the SEC’s unrelated demands.
The SEC and Binance.US have agreed to allow a single memorandum in response to the SEC’s opposition and motion to file a document under seal. Both parties have requested a court order regarding the opposition filed by BAM Trading Services and BAM Management US Holdings on September 11.
Unveiling the SEC’s Confidential Filing
The latest court filing in the ongoing legal battle between the US SEC and Binance.US reveals that the SEC’s confidential filing on August 28 relates to its opposition to the motion for a protective order. Additionally, it includes a motion to compel and seek other relief. A motion to compel is typically used to request the court’s enforcement of an information request from the opposing party, typically in the context of discovery disputes.
It is likely that the SEC is compelling Binance.US to submit a financial report and provide other relevant details as outlined in a previous consent order. The SEC is also seeking further relief in the lawsuit, although the specifics remain confidential at this time.
Hot Take: Anticipation Builds as SEC’s Secret Filing Looms
The upcoming revelation of the SEC’s secret filing has created a sense of anticipation and speculation within the crypto community. As both Binance.US and the SEC work towards a resolution, the outcome of the motion for a protective order and the undisclosed relief sought by the SEC will undoubtedly have significant implications for the future of the case and the broader crypto industry.
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