As a seasoned crypto investor with over a decade of experience navigating the ever-evolving landscape of digital assets, I find myself intrigued by this latest development between Binance and the SEC. While I have witnessed numerous legal battles within the industry, the specifics of this case are particularly captivating due to its potential implications on the broader crypto market.
As a crypto investor, I’ve been closely following the recent developments between Binance and its CEO, Changpeng “CZ” Zhao, regarding the SEC’s amended lawsuit. In a strategic move, they’ve jointly filed a motion to dismiss the lawsuit and strike certain parts of the SEC’s requested relief.
In Binance’s submission, the SEC, in its amended lawsuit, acknowledges the court’s decision that cryptocurrencies themselves aren’t necessarily securities. However, it appears that the SEC is reluctant to accept the implication of this ruling, which suggests that subsequent sales of these assets on secondary markets, particularly after they were initially distributed by their creators, should not be considered as “securities” transactions.
Binance, led by its former CEO Zhao Changpeng, has filed a request with the U.S. Securities and Exchange Commission (SEC) to throw out their amended lawsuit. The reason for this motion is that the SEC allegedly lacks clear guidelines regarding crypto assets. Additionally, they have criticized the SEC’s seemingly arbitrary decisions on which cryptocurrency transactions are considered securities.
— Wu Blockchain (@WuBlockchain) November 5, 2024
Instead, the revised complaint by the SEC maintains its stance that almost every transaction involving cryptocurrencies – including secondhand sales of tokens on anonymous markets – should be considered as securities transactions, because certain investors may anticipate these assets to appreciate in value, according to Binance.
In the proposed motion for an Amended Complaint, the SEC clarified that it would no longer use the term “crypto asset securities”. They explained in a footnote that they weren’t referring to the actual crypto asset as a security. However, they expressed regret if their statement may have caused any confusion.
card
Similarly, Binance asked the court to dismiss the SEC’s demands for restitution from the cryptocurrency firm and its ex-CEO, Zhao, along with any injunctions against Zhao himself.
Fresh attempt after initial lawsuit dismissal move
In response to Judge Amy Berman Jackson permitting most of the Securities and Exchange Commission’s (SEC) accusations in her June 2024 verdict, while dismissing claims related to Binance’s Simple Earn service and additional BNB transactions, this action signifies a new effort.
The Securities and Exchange Commission (SEC) is now attempting to challenge the dropped accusations by revising its lawsuit with a new complaint. This updated complaint tackles some of the judge’s concerns that led to dismissing parts of the original case, particularly focusing on Binance’s continuous BNB sales and the Binance Earn product. Furthermore, it strengthens other claims that the judge did not fully consider in her decision, specifically the 10 cryptocurrencies the SEC claimed were sold as unregistered securities without proper examination.
After the attorneys debated during a hearing held in July 2024, they discussed if the court’s decision implied that the 10 cryptocurrencies were still part of the ongoing legal case.
In June 2023, the Securities and Exchange Commission (SEC) brought a legal action against Zhao and three entities: BAM Management U.S. Holdings, BAM Trading Services, and Binance Holdings.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- USD ZAR PREDICTION
- SHIB PREDICTION. SHIB cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- TON PREDICTION. TON cryptocurrency
- Top gainers and losers
2024-11-05 14:46