Update on Legal Saga
The SEC v. Binance lawsuit, initiated in June 2023, continues as the SEC attempts to prove its allegations. Judge Amy Berman Jackson is seeking a court review to determine whether digital assets are considered securities under existing regulations and laws, challenging the SEC’s position.
SEC on the Crosshair
Judge Jackson has expressed her intentions to hear arguments from both parties regarding the SEC’s actions toward cryptocurrencies within regulatory frameworks. Legal representatives for Binance.US will have the opportunity to address the perpetual security status of digital assets.
“The Court intends to hear arguments on [whether an investment contract must involve a contractual undertaking and] whether the SEC ‘misunderstands the meaning of ‘scheme’ in Howey,’ from one defense attorney only.” – Amy Berman Jackson
Is Binance Planning for Dismissal?
Binance is actively seeking dismissal of the ongoing lawsuit with a critical move to the Washington court. The company has been accused of fraudulent activities and misleading investors about market volume, which led to the lawsuit. Binance faced regulatory challenges in 2023, culminating in a significant settlement with the CFTC and the departure of Chanpeng Zhao.
Hot Take
The legal battle between the SEC and Binance continues with the courts deliberating on whether digital assets should be classified as securities. Binance is making strategic moves to seek dismissal of the lawsuit, as the company grapples with various regulatory challenges and internal issues.
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