Ripple Case as Supplemental Authority
In the ongoing legal battle between Binance and the SEC, the securities regulator has submitted a list of court cases that it considers relevant to the case. One of these cases is Zakinov v. Ripple Labs, which argues that XRP should be classified as a security. The SEC has cited this case as supplemental authority in its latest filing.
Judge’s Minute Order
After a hearing on January 22, Judge Amy Jackson issued a minute order requesting both the SEC and Binance to provide full citations for cases discussed during the arguments. However, Judge Jackson specified that these cases should not be further discussed or described, and no response from either party should be filed.
Citations Provided by the SEC
In compliance with the minute order, the SEC attorneys have submitted four court cases as citations they deem important for a summary judgment in the Binance lawsuit. These cases are Owen v. Elastos Found., Patterson v. Jump Trading LLC, Houghton v. Leshner, and Zakinov v. Ripple Labs, Inc.
Unclear Definition of Securities
The SEC has yet to provide a clear definition of what it considers a security when it comes to virtual tokens. Judge Jackson raised the question of how issuers are supposed to know when they have crossed the line if all digital assets are deemed securities by the SEC.
Defendants’ Response Pending
Binance, Binance.US, and Changpeng Zhao’s lawyers have not yet provided details on relevant court cases discussed during the hearing.
Hot Take: Ripple Case Significance in Binance Lawsuit
The inclusion of Zakinov v. Ripple Labs as supplemental authority in the Binance lawsuit suggests that the SEC sees similarities between the two cases. This could potentially have implications for how the court views Binance’s operations and its compliance with securities laws. The ongoing legal battle between Binance and the SEC continues to raise questions about the regulatory landscape for digital assets, as well as the responsibilities of issuers in determining whether their tokens qualify as securities.
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