The SEC Demands More Disclosures from Binance
The Securities and Exchange Commission (SEC) is intensifying its legal battle against BAM Trading Services, also known as Binance, by demanding the release of documents that the exchange has been trying to keep hidden. The SEC considers the disclosure of these documents to be a necessary step, but Binance’s lawyers argue against their relevance and fairness.
BAM Rejects “Oppressive” SEC Demands
Judge Zia M. Faruqui recently ordered the unsealing of several documents that shed light on BAM’s attempts to keep its internal matters secret. In one filing, BAM’s attorneys reject the SEC’s requests, accusing the regulatory body of overreach and making vague and burdensome demands. They claim that the SEC has no legal right to access certain documents and has made general requests without a basis in law.
Disagreements Over Legal and Metaphysical Truth
The SEC and BAM have significant disagreements not only on procedural matters but also on fundamental issues of truth. The newly unsealed documents highlight these disputes, with BAM objecting to requests that assume the existence of nonexistent facts or events. It remains to be seen how sympathetic the courts, media, and public will be towards BAM’s claims of overreach.
Hot Take: The Future of Binance Hangs in the Balance
The release of these documents could have significant implications for Binance’s ongoing legal battle with the SEC. As both sides continue to present their arguments, it is clear that they are deeply divided. With a series of previous victories against the SEC under its belt, Binance’s fate will depend on how these new revelations are received by various stakeholders.
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