Court Rulings in Binance vs. SEC Lawsuit: A Game Changer for the Crypto Market
The post Court Rulings in Binance vs. SEC Lawsuit: A Game Changer for the Crypto Market appeared on BitcoinEthereumNews.com.
A U.S. district judge extended the Binance vs SEC lawsuit to 2026. The court approved the SEC’s motion to amend claims about Binance’s ICO, BNB sales, and its staking program. The ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC) is set to extend into 2026, following recent orders from the district court. The judge has granted several important motions, including the one that allowed the SEC to revise the original complaint filed in the case, which remains one of the most high-profile in the industry. SEC Granted Permission to Amend Complaint The SEC has now been able to file an amended complaint against Binance, Binance.US, and Changpeng Zhao. The lawsuit, initially filed for unregistered securities sales, has expanded to encompass other complaints about Binance’s conduct. Judge Amy Berman Jackson granted permission to the agency to modify the complaint based on the fact that the SEC has been using the term ‘crypto asset securities’. This approval has come under the backdrop of criticism from the crypto community. Ripple’s Chief Legal Officer Stuart Alderoty said that the term “crypto asset security” is an invention, and the SEC is trying to twist the language. As a result of the amended complaint, the court has identified the main allegations that will be considered. Among these are claims that Binance’s initial coin offering (ICO) of its native token, BNB and the ongoing sales of BNB are securities sales. The SEC has also questioned Binance.US’s staking program for offering unregistered investment contracts, according to the complaint. Source:CourtListener More claims are directed to Changpeng Zhao for his role as a control person of Binance and BAM Trading in connection with the alleged violations of the anti-fraud provisions of the Securities Act. The court has allowed these claims to go to discovery but…
Filed under: News - @ October 20, 2024 6:26 am