As a seasoned researcher with years of experience in following regulatory developments in the cryptocurrency space, I find this recent move by the SEC intriguing. The agency’s decision to amend its complaint against Binance and co-founder Changpeng Zhao is a significant step, especially considering their initial stance on certain tokens.
In a recent update regarding the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao, the SEC has asked the court to revise its initial complaint. This request was made following a court order that denied Kraken’s motion to dismiss in the SEC vs. Payward case. The SEC acknowledges their error in classifying certain crypto assets as securities and now agrees that 10 specific tokens are not considered securities on their own.
US SEC Files to Modify Complaint in Binance Case
As an analyst, I’ve recently observed a development in the ongoing case SEC vs Binance at the District Court of Columbia. The U.S. Securities and Exchange Commission has filed a request to modify their initial complaint, focusing on the matter of “cryptocurrency asset securities.
The regulatory body has presented the revised formal grievance (PAC), a side-by-side comparison of the PAC with the initial complaint, and also the court order that refused the defendants’ request to throw out the case in the Kraken versus SEC legal dispute. This unpublished court order is included for the judge’s convenience since it isn’t readily available on commonly used legal platforms.
By October 11th of this year, Binance must submit either a response indicating disagreement (opposition) or agreement (notice of consent) regarding the SEC’s request. The Securities and Exchange Commission (SEC) intends to maintain its regulatory strategy through enforcement actions to establish authority over the cryptocurrency sector.
Coinbase CLO Paul Grewal Reacts to SEC Filing
Paul Grewal, the chief legal officer at Coinbase, recently posted on X about a footnote within the amended complaint filed by the SEC against Binance. He emphasized that the SEC expresses regret for any misunderstanding caused by their repeated and incorrect claims that 10 tokens such as SOL, ADA, MATIC are securities in nature.
He mentioned Ripple CLO Stuart Alderoty in the post citing a notable shift in the SEC’s approach or clarification on its stance regarding the use of the term “crypto asset securities.” Recently, Ripple CLO challenged the thinking of regulators against crypto regarding money laundering.
He also mentioned that ETH has managed to navigate the SEC’s examination, however, ten other tokens have not been able to escape the regulator’s careful approach towards cryptocurrencies. The SEC will continue to claim these ten digital assets in secondary markets and argue that they are being sold as investment contracts.
Last point of the night:
That @SECGov absolutely “maintained” that tokens themselves are securities is clear from the long record of their regulation by enforcement campaign. Why mislead the Court?— paulgrewal.eth (@iampaulgrewal) September 13, 2024
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2024-09-13 09:55