The post How will Binance, CZ’s New Legal Motion Against SEC Affect Lawsuit? appeared on BitcoinEthereumNews.com.

Lawyers for Binance and former CEO Changpeng Zhao, also known as CZ, have renewed their bid to have the U.S. Securities and Exchange Commission (SEC) lawsuit dismissed. This latest filing, submitted on Monday, calls for the dismissal of the SEC’s amended complaint against the crypto exchange, which was revised last month. Binance, CZ Challenge SEC’s Amended Lawsuit The defense team’s motion argues that the amended complaint contradicts a previous court ruling, which established that digital assets themselves do not inherently qualify as securities. The filing contends that, despite this precedent, the SEC continues to claim that secondary market transactions of crypto assets are “securities” transactions even when these transactions are distant from the original asset distribution by developers. The defense team criticized this stance, stating the amended complaint “pays lip service” to the earlier ruling yet “refuses to accept the logical conclusion of that ruling.” The team emphasized that secondary sales of crypto assets are distinct from initial distributions and should not automatically be classified as securities transactions. Binance and its former CEO Zhao Changpeng’s legal team filed a motion to the U.S. SEC to dismiss the SEC’s amended lawsuit, claiming that the SEC lacks clear regulatory standards for crypto assets and criticizing its “arbitrary” decision on which crypto transactions are… — Wu Blockchain (@WuBlockchain) November 5, 2024 The motion also took aim at the SEC’s lack of regulatory clarity in regard to digital assets. It argued that the SEC has yet to establish a consistent standard for evaluating whether crypto transactions fall under securities law. “The SEC still refuses to articulate any standard for courts, litigants, or market participants to know which crypto-asset transactions qualify as investment contracts, and which do not,” the filing stated. SEC’s Changing Stance on Crypto in Spotlight The defense further highlighted that the SEC’s…

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Filed under: News - @ November 5, 2024 5:22 pm