SEC Moves to Revise Protest  Against Binance Amid Evolving Legal Landscape

News

  • The SEC has filed a motion to lift its issue against Binance, Binance.US, and Changpeng Zhao.
  • The commission revised complaint includes new legal interpretations and follows a ruling in the SEC v. Payward case.
  • Binance must react by October 11, 2024, to the motion, which could impact the legal battle and regulatory space.

The U.S. Securities and Exchange Commission  has moved to amend its complaint in the ongoing legal battle against Binance, Binance.US, and their co founder, Changpeng Zhao. 

SEC’s Motion to Lift Complaint

The motion to that follows a ruling in a related case, SEC v. Payward, which involved the denial of crypto exchange Kraken’s motion to dismiss. The SEC’s decision to lift its complaint comes after consideration of the court’s order, as the agency aims to clarify its stand on the categorization of certain crypto assets as securities.

The SEC’s filing, submitted to the District Court of Columbia, seeks permission to modify the original complaint specifically concerning the definition and treatment of “crypto asset securities.” In its proposed amended complaint (PAC), the SEC has included new details and adjustments, reflecting the latest legal interpretations and its evolving regulatory approach.

The filing also features a redline comparison between the PAC and the original complaint, illustrating the key changes made by the agency. Additionally, the SEC provided the court with the recent order denying the motion to dismiss in the Kraken case, which has not yet been widely published.

Impact on Binance and Upcoming Deadlines

Binance now faces the task of either opposing the SEC’s request or accepting to the proposed amendments. The deadline for Binance to respond is set for October 11, 2024. The outcome of this response could influence the path of the case, as the SEC continues to use its regulatory authority over the cryptocurrency space through enforcement actions.

Coinbase CLO Paul Grewal’s Reaction

Paul Grewal, the Chief Legal Officer of Coinbase, responded to the SEC’s filing, drawing attention in the amended complaint. Grewal highlighted that the SEC has expressed regret over any confusion caused by its previous statements regarding the classification of certain tokens, including SOL, ADA, and MATIC, as securities.

The post SEC Moves to Revise Protest  Against Binance Amid Evolving Legal Landscape appeared first on Crypto News Land.

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