As a seasoned crypto investor with over a decade of experience navigating the tumultuous waters of digital currencies, I can’t help but feel a mix of amusement and frustration as I follow the latest developments between the SEC and Binance. The ongoing saga between these two giants is reminiscent of an endless loop of Groundhog Day – only with more legal jargon and less Bill Murray.
The United States Securities and Exchange Commission (SEC) has responded to a motion for the dismissal of its amended suit against cryptocurrency exchanges Binance and Binance.US and former Binance CEO Changpeng Zhao alleging they operated an unregistered securities exchange. The allegation is based on the sale of ten cryptocurrencies on the secondary market intermediated with the exchange’s BNB coin.
Once more with feeling
In response to Judge Amy Berman Jackson’s query about the logic behind the initial complaint, which made similar accusations, the SEC chose to enhance their complaint. Meanwhile, Binance exchanges and Zhao submitted a request for the dismissal of this amended complaint on November 4th.
In response to the defendant’s argument that the Securities and Exchange Commission (SEC) complaint doesn’t meet the requirements of the Howey Test, the SEC’s Memorandum of Law counters by examining each component of the test and restating their viewpoint on each one.
The Howey test was established in a US Supreme Court ruling in 1946 to identify a security.
The document further includes accusations concerning the nature of cryptocurrencies, including Binance’s BNB, when they are resold. Moreover, the SEC filing seems to counter arguments from Binance, Zhao, and numerous others about the regulatory body’s cryptocurrency regulations.
“The foretold vast and purported suffocating assertion of regulatory dominion over an entire industry has not occurred, but they complain about that, too.”
A long and winding trial
Back on June 5, 2023, the SEC initiated a lawsuit involving Binance exchanges and Zhao, naming ten specific cryptocurrencies as subjects of the case. These digital coins include Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS) and Coti (COTI).
On June 6, 2023, the Securities and Exchange Commission (SEC) brought charges against Coinbase, alleging that 13 digital tokens listed on their platform were considered securities. As of mid-2023, the SEC has asserted that a total of 68 cryptocurrencies, across all lawsuits filed, should be classified as securities.
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2024-12-06 00:25