As a seasoned crypto investor with a keen interest in regulatory developments, I find the recent turn of events in the Binance case with the SEC intriguing. The filing by Binance and former CEO Changpeng Zhao to reference the government’s stance on stablecoins as securities in their ongoing case against the SEC is a strategic move that could potentially bolster their arguments.
Binance, led by its ex-CEO Changpeng “CZ” Zhao, have notified the court in their ongoing case with the US Securities and Exchange Commission (SEC) about the need to clarify the regulatory status of stablecoins.
On April 25, Binance and CZ’s legal team submitted a supplemental filing in the U.S. District Court for the District of Columbia. They presented the court with additional relevant authorities regarding the criminal case against Avraham Eisenberg and Mango Markets. In that specific case, prosecutors stated that there was no justification for classifying USD Coin (USDC) as a security or submitting this matter to a jury’s consideration.
As a crypto investor, I’ve been closely following the developments between the Justice Department’s case against Eisenberg and the classification of stablecoins like USDC as securities. If the government successfully argues that USDC isn’t considered a security under the Securities and Exchange Commission (SEC) regulations, it could potentially strengthen Binance‘s position in their ongoing civil case. This shift in interpretation could have significant implications for the crypto market as a whole.
In the dispute, it appeared that the focus of the argument was confined to USDC within the context of the SEC’s case against Binance. However, it is important to note that the charges levied against Binance and its CEO Changpeng Zhao (CZ) encompassed not only USDC but also BNB and Binance USD (BUSD). The lawsuit was submitted in June 2023, asserting that these tokens, along with Binance’s Simple Earn, BNB Vault, and staking programs, were involved in unregistered securities offerings and sales.
At the point of this article’s release, Binance’s legal dispute with the SEC was still unfolding. However, in November 2023, Binance and its CEO Changpeng Zhao (CZ) reached settlements with the U.S. Department of Justice, Treasury Department, and Commodity Futures Trading Commission, totaling $4.3 billion. In the terms of the agreement, Zhao relinquished his role as Binance’s CEO and admitted guilt to one felony charge. His sentencing is set for April 30.
As a financial analyst, I’m closely monitoring the situation surrounding Binance, the cryptocurrency exchange. Regulators and authorities from various parts of the world continue to scrutinize the platform. Recently, two executives from Binance were taken into custody in Nigeria following the exchange’s announcement that it would discontinue all transactions involving the local fiat currency, the naira. Additionally, Canadian authorities have filed a class-action lawsuit against Binance on April 19, accusing the exchange of selling unregistered crypto derivative products.
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2024-04-26 21:42