Binance’s Face-off with the SEC Delayed Due to Snowstorm
Binance’s highly anticipated court battle with the Securities and Exchange Commission (SEC) has been postponed until next week due to a snowstorm. The crypto exchange will now face the regulator on Monday at 10 a.m. ET, according to Judge Amy Berman Jackson.
The SEC’s Lawsuit Against Binance
In June, the SEC filed a lawsuit against Binance Holdings Ltd. and its former CEO Changpeng Zhao, accusing them of various violations including lying to customers and operating as an unregistered exchange. The SEC also claimed that 12 tokens on the platform were securities.
Binance’s Defense Strategy
Binance is expected to argue that the SEC’s definition of securities is incorrect, as it does not involve a contract. They may also invoke the major questions doctrine, which requires clear congressional authorization for issues of major national significance.
The SEC’s Response
The SEC maintains that the case should not be dismissed and asserts that Binance intentionally disregarded federal laws.
Hot Take: Coinbase Hearing Raises Questions About SEC’s Definition of Securities
Last week, Coinbase and the SEC appeared in court, with Coinbase defending itself against allegations of operating as an unregistered exchange. The judge expressed concerns about the SEC’s broad definition of securities, comparing it to collectibles like Beanie Babies.
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