Binance Pushes for Dismissal of Ongoing SEC Lawsuit
Binance, despite settling with U.S. regulators for $4.3 billion, is still facing a lawsuit from the Securities and Exchange Commission (SEC). In recent court filings, Binance has requested the dismissal of the suit, claiming that the SEC has applied an unconventional interpretation of securities laws and accusing the regulator of seeking excessive control.
Challenging the SEC’s Arguments
In its first filing, Binance argued that the SEC’s case was primarily based on the notion that an “investment contract” does not require an actual investment or contract. Binance emphasized that transactions made by customers who purchased tokens from anonymous owners should not be considered part of an investment contract.
Accusations of Overreach
In a second filing, lawyers for Binance’s American subsidiary accused the SEC of overstepping its boundaries by attempting to regulate virtual commodities without proper jurisdiction. They argued that securities law should not be applied to Binance’s platform if the term “contract” in “investment contract” is disregarded.
Responding to the SEC’s Reply
Both filings were in response to the SEC’s reply to Binance’s motion to dismiss. The exchange and its founder further contested the inclusion of their guilty plea in their settlement with the Department of Justice as evidence in the SEC’s case.
Multiple Motions to Dismiss
Binance has made various motions to have the SEC’s case thrown out, asserting that the regulator lacks legitimate authority over crypto exchanges and accusing it of attempting to exert excessive control over the crypto industry.
Hot Take: Binance Fights Back Against SEC Lawsuit with Multiple Filings
Binance is not backing down in its legal battle against the SEC. The exchange has filed a series of court documents to challenge the regulator’s interpretation of securities laws and jurisdiction over the crypto industry. With accusations of overreach and a refusal to accept the SEC’s arguments, Binance is determined to have the lawsuit dismissed. This ongoing legal clash highlights the contentious relationship between crypto platforms and regulatory authorities, as they grapple with defining and enforcing regulations in a rapidly evolving industry.
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