Binance Vs SEC Lawsuit: Court Issues Major Orders, Stuns Crypto Market

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As a seasoned researcher and crypto enthusiast with years of experience navigating the dynamic landscape of digital assets, I find myself closely following the Binance vs SEC lawsuit. Judge Amy Berman Jackson’s recent approvals and extensions have added another layer to this intriguing case.

Binance vs SEC Legal Battle: A district judge has approved essential orders following the submission of a joint report and the SEC’s request to modify their initial complaint. Additionally, the court has released an order adjusting the lawsuit timeline to 2026 in the wake of a recent ruling significant for the cryptocurrency market.

Judge Amy Jackson Approves SEC Motion

As per the most recent court ruling, Judge Amy Berman Jackson has granted the U.S. Securities and Exchange Commission (SEC) permission to modify their initial lawsuit, adjusting it to address the involvement of “cryptocurrency security assets.

Members of the cryptocurrency community, such as Ripple‘s Chief Legal Officer Stuart Alderoty, have expressed that the term “crypto asset security” is misleading. They allege that the Securities and Exchange Commission (SEC) has been manipulating the court system, disregarding laws, and distorting terminology rather than offering clear guidance to the crypto industry.

Court Order on Binance and US SEC’s Joint Status Report

The defendants – Binance, BinanceUS, and Changpeng Zhao – along with the US Securities and Exchange Commission have mutually decided to gather facts related to all claims, as stated in the most recent court document.

The arguments proceeding as per an earlier order by Judge Jackson are:

  • Binance’s initial coin offering (ICO) of BNB and the ongoing sales of BNB after the ICO
  • Claim against crypto exchange regarding BNB Vault
  • Claim that BAM Trading offered and sold its Staking Program as an investment contract
  • Claims that Binance and BAM Trading failed to register under the Exchange Act
  • Claims against defendant Changpeng Zhao as a control person over Binance and BAM Trading
  • BAM Management and BAM Trading violated the anti-fraud provisions of the Securities Act.

In this trial, we won’t be addressing or making decisions on dismissed claims, such as secondary transactions of BNB, sales of BUSD, and Simple Earn. Moreover, it’s important to note that the court will not determine whether 10 specific tokens like SOL, ADA, and MATIC are considered securities since they are not involved in this particular case.

Binance Case Extended to 2026

Additionally, Judge Amy Jackson approved a timetable for evidence collection and witness interviews, based on a shared report submitted by Binance and the U.S. Securities and Exchange Commission.

Here are the deadlines for the required submissions in this case:

From this point forward, both sides can begin gathering facts, which includes taking depositions, for all claims listed in the original lawsuit that have been authorized by the Court’s ruling on June 28, 2024.

Document creation and questionnaires are set for July 18, 2025. The fact-finding process will be completed by November 21, 2025.

The court has decided that all depositions and expert findings regarding the claims should be completed no later than March 27, 2026. As a result, it’s anticipated that the Binance versus SEC legal case will carry on until the end of 2026.

Currently, according to CoinGape’s analysis, the price of BNB could surge towards $800. At present, it stands at $594.52, having increased by 1% over the past day. The trend so far has been relatively flat, but there’s optimism for a significant movement in an upward direction.

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2024-10-18 16:42