SEC vs. Binance: Key Developments
In the case of the Securities and Exchange Commission (SEC) versus Binance, CEO Changpeng Zhao, and its subsidiary Binance.US, Judge Amy Berman Jackson has given the green light for the submission of amicus briefs by Administrative Law Scholars and the New Finance Institute. There is a general belief among experts that a settlement is likely as the disputes between Binance.US and the SEC appear to be on the path to resolution.
Amicus Briefs in Support of SEC
Judge Jackson recently granted the motions of Administrative Law Scholars and the New Finance Institute to file amicus briefs in support of the SEC’s opposition to Binance and Binance.US’s request to dismiss the lawsuit. These experts believe that their arguments will provide the court with fresh and nuanced perspectives on the case.
NFI in Coinbase Lawsuit
The New Finance Institute (NFI) is also involved as an amicus curiae in the SEC’s lawsuit against Coinbase. It has requested additional time to present its arguments, asserting that they differ from those of the SEC. Both Coinbase and the SEC maintain that the amici’s positions have been adequately addressed in their own briefs.
Progress with Binance and SEC
Binance and the SEC have jointly filed a motion for a protective order to protect confidential information provided as per the June 17 consent order. This action indicates that the parties are making advancements in resolving their disputes regarding document discovery and depositions.
Upcoming Hearing on Binance.US Motion
Judge Jackson has set a public hearing for January 19, 2024, on the motion to dismiss filed by Binance.US and supported by Binance and CEO Changpeng Zhao. This hearing will be crucial in determining the next steps in the lawsuit, whether through summary judgment or settlement.
Hot Take
The SEC’s case against Binance and Binance.US is a complex and pivotal one that could significantly influence the future of cryptocurrency regulation in the U.S. The recent developments, such as the approval of amicus briefs and the joint motion for a protective order, hint at progress towards resolving the disputes.
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