As a seasoned crypto investor with a keen interest in the latest developments in the Binance vs SEC lawsuit, I’m thrilled to see that the recent ruling by Judge Amy Berman Jackson has set important deadlines for remaining motions and proceedings. The dismissal of the SEC’s securities law violation claims regarding sales of BUSD, Simple Earn, and secondary sales of BNB is a significant victory for Binance and the crypto community as a whole.
In the ongoing SEC lawsuit against Binance, Binance.US, and myself (Changpeng Zhao), a federal judge has recently issued minute orders signaling the end of the discovery phase. The Securities and Exchange Commission’s allegations of securities law violations concerning the sales of BUSD, Simple Earn, and secondary transactions of BNB have been dismissed by the district court.
Court Sets Deadlines for Remaining Motions
According to recent court documents, Judge Amy Berman Jackson has handed down several rulings to conclude the discovery process in the ongoing Binance vs. SEC legal battle.
In a minute order, Judge Jackson asked parties to file a joint submission by July 29 for further proceedings. Binance and SEC are required to set deadlines for any motion to amend the complaint or for relief from the recent decision on a motion to dismiss.
Parties looking to make changes or request relief in light of the recent decision are obligated to outline “how discovery would begin if such motions are filed, and whether it would be more effective to conduct discovery in stages.”
An additional item has been included in the agenda for our upcoming meeting: we will discuss and coordinate on submitting a joint filing to the court in accordance with their specified deadline, and there is a brief update regarding this matter’s scheduling within the proceedings.
Binance Eyes Victory in Other Motions
A recent court ruling in favor of Binance, although not a complete win, has sparked optimism in the cryptocurrency market. The judgment, while not directly stating so, seems to align with the Judge Torres Doctrine, implying that secondary sales and programmatic sales of cryptocurrencies are not considered securities.
As a crypto investor, I can tell you that a recent court ruling brought some clarity to the regulatory landscape of certain tokens. The court decided that BNB, which is the native token of Binance’s ecosystem, was not sold as a security on secondary exchanges, and therefore no securities laws were violated. Additionally, the stablecoin BUSD, issued by Paxos Trust Company, was classified as not being a security based on US Department of Justice filings in the Mango Markets lawsuit. These filings contradicted the Securities and Exchange Commission’s (SEC) stance that BUSD and other stablecoins are unregistered securities.
The court declined Binance.US’s request to toss out the case against them, but the cryptocurrency platform expressed readiness and alertness for upcoming stages in this legal proceeding.
As an analyst, I’ve noticed that BNB experienced a notable increase of around 2% in the last 24 hours. Currently, its price hovers at a value of $527.80. The lowest and highest points within this timeframe were recorded as $511.84 and $528.27, respectively.
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2024-07-10 14:18