As a researcher with a background in financial regulations and cryptocurrencies, I find Stuart Alderoty’s recent victory in the Binance BNB case to be an important development that could potentially shape the future of the crypto industry. The dismissal of the SEC’s claim that BNB tokens are unregistered securities is a significant win for Binance and the wider crypto community, as it sets a precedent for other similar cases.
Stuart Alderoty, Ripple‘s leading legal representative, celebrated on the X social media platform following federal Judge Amy Berman Jackson’s decision to dismiss the U.S. Securities and Exchange Commission’s argument that Binance‘s secondary tokens, specifically BNB, qualify as unregistered securities.
It is worth noting that she cited the New York ruling in the Ripple case in her opinion.
In the court’s opinion, it was noted that various district courts dealing with SEC enforcement proceedings regarding cryptocurrencies have carefully distinguished between the investment contracts and the underlying tokens.
As a researcher, I would interpret this to mean that the distinction is in line with the Supreme Court’s instruction that the evaluation should take into account diverse perspectives and contexts related to a specific product or service.
Last year in the Terra case before Judge Rakoff, he overruled the Torres decision. In his view, the method of selling an asset is irrelevant when determining if it qualifies as a security.
After Binance made its announcement, Alderoty asserts that the courts are piercing through the SEC’s efforts to create confusion with their questionable legal arguments, which have frequently been criticized for their inconsistency.
Another loss for Binance?
During this time, John Reed Stark, a former SEC officer, presented a different perspective, depicting the latest events as a setback for Binance.
I’ve observed that most of the regulatory actions against the cryptocurrency exchange won’t move forward.
Formally speaking, an ex-SEC officer anticipates that the regulatory body will soon demand information from Binance token holders who had purchased these digital assets with the intention of making a profit.
According to Judge Jackson’s perspective, the investor’s frame of mind plays a significant role in determining whether a digital asset qualifies as a security in the secondary market. This intention must be described in detail when making such a plea, Stark added.
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2024-06-30 11:11