{"id":18353,"date":"2024-11-05T19:37:58","date_gmt":"2024-11-05T17:37:58","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-lawyers-seek-dismissal-of-secs-revised-complaint\/"},"modified":"2024-11-05T19:37:58","modified_gmt":"2024-11-05T17:37:58","slug":"binance-lawyers-seek-dismissal-of-secs-revised-complaint","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-lawyers-seek-dismissal-of-secs-revised-complaint\/","title":{"rendered":"Binance Lawyers Seek Dismissal of SEC’s Revised Complaint"},"content":{"rendered":"

Lawyers representing Binance and its former CEO Changpeng Zhao have filed a motion<\/a> to dismiss the amended complaint by the SEC<\/span>.<\/p>\n

\n

\u201cThe SEC verbally acknowledges the court’s decision that crypto assets are not \u2018securities\u2019 in themselves, yet refuses to accept the logical conclusion from it,\u201d the document states.<\/p>\n<\/blockquote>\n

On June 29, Judge Amy Berman Jackson of the District Court for the District of Columbia partially dismissed<\/a> the Commission’s lawsuit against Binance, allowing most of the allegations to proceed.<\/p>\n

She granted the exchange’s motion, removing the regulator’s claims regarding secondary sales of the BNB token, the offering of the BUSD stablecoin, and the Simple Earn product.<\/p>\n

The SEC’s allegations concerning the ICO and subsequent sales of BNB by the platform, the BNB Vault program, failure to register, and non-compliance with anti-fraud rules remain. The same applies to the staking service on Binance.US.<\/p>\n

The regulator, in turn, amended the complaint. Binance’s lawyers stated that in the revised document, nearly all crypto asset transactions, including token sales on the secondary market, are classified as securities transactions. The argument is based on the notion that some buyers may hope for a future increase in the token’s price.<\/p>\n

The motion also highlights the absence of a \u201cconsistent legal framework\u201d for recognizing crypto assets as investment contracts, as well as uncertainty regarding the standards applied for their classification.<\/p>\n

\n

\u201cThe SEC continues to arbitrarily choose winners and losers, recently dropping without explanation its claim that transactions in ETH\u2014the second most widespread crypto asset after BTC\u2014are investment contracts,\u201d the statement reads.<\/p>\n<\/blockquote>\n

Back in June 5, 2023, the SEC filed a lawsuit against Binance and its then-CEO Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.<\/p>\n

In addition to the largest crypto exchange, other trading platforms, including Coinbase and Kraken, have come under regulatory pressure.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lawyers representing Binance and its former CEO Changpeng Zhao have filed a motion to dismiss the amended complaint by the SEC. \u201cThe SEC verbally acknowledges the court’s decision that crypto assets are not \u2018securities\u2019 in themselves, yet refuses to accept the logical conclusion from it,\u201d the document states. On June 29, Judge Amy Berman Jackson […]<\/p>\n","protected":false},"author":1,"featured_media":18352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1162,1323,36,128],"class_list":["post-18353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-court-cases","tag-investigations","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18353"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18352"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}