{"id":11539,"date":"2023-11-09T08:39:46","date_gmt":"2023-11-09T08:39:46","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/binance-arguments-to-dismiss-lawsuit-lack-merit-sec-argues-in-new-filing\/"},"modified":"2023-11-09T08:39:47","modified_gmt":"2023-11-09T08:39:47","slug":"binance-arguments-to-dismiss-lawsuit-lack-merit-sec-argues-in-new-filing","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11539","title":{"rendered":"Binance Arguments to Dismiss Lawsuit Lack Merit, SEC Argues In New Filing"},"content":{"rendered":"<div>\n<figure id=\"attachment_128959\" aria-describedby=\"caption-attachment-128959\" style=\"width: 768px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-128959\" class=\"wp-caption-text\">Source: Adobe<\/figcaption><\/figure>\n<p>The United States Securities and Exchange Commission (SEC) has opposed Binance\u2019s arguments to dismiss the lawsuit adding that the motion has no real basis under law.<\/p>\n<p>In a Nov 8 court filing, the securities regulator claims the defendants applied the law incorrectly in an attempt to evade charges and no court in the United States has been bound by the\u00a0 incorrect legal argument terming it a \u201ctortured interpretation of the law.\u201d<\/p>\n<p>The Commission filed charges against Binance in June for allegedly breaching federal securities law by offering trading services to unregistered securities, and asset commingling amongst others.<\/p>\n<p>Similar charges were also filed against Coinbase one day after with both exchanges promising to defend their actions vigorously and seek proper crypto regulations from courts leading to Binance filing a motion to dismiss the suit.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc3\ud83d\udd17 SEC Sues Binance and CZ Over &#8216;Blatant Disregard&#8217; of Its Rules<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> Holdings Ltd., and its US affiliates, are being charged by the US <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a> for multiple offenses, months after being charged separately by another US regulator.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> https:\/\/t.co\/vMaMsEnJZ7<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1665756510478123009?ref_src=twsrc%5Etfw\">June 5, 2023<\/a><\/p>\n<\/blockquote>\n<h2>SEC fires back<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>In totality, the financial regulator stressed that the company should not avoid responsibility for its actions by misinterpreting the known legal foundations of the justice system.<\/p>\n<blockquote>\n<p><i>\u201cDefendants now seek to avoid the repercussions of their actions by asking this Court to dismantle decades of foundational precedent upon which the nation\u2019s securities laws operate. In its place, Defendants would install a rigid framework that turns entirely on contract law and the form transactions take, in clear contravention of Congress\u2019 broad, flexible regime\u2026\u201d\u00a0<\/i><\/p>\n<\/blockquote>\n<p>Per the filing, the Commission duly noted their actions breached the law and requirement set out in the Howey Test and its progeny. It stated that its two platforms Binance.com and Binance.US offer crypto assets to the public including about 12 digital assets and three investment programs that fit the description of investment contracts.<\/p>\n<p>In addition to claims that the initial coin offering of BNB and its staking and yield programs are in violation, the regulator defended its lawsuit in line with the \u201cMajor Questions Doctrine,\u201d a Supreme Court decision that Congressional powers were not delegated to agencies.<\/p>\n<p>Several crypto firms have cited the ruling as a defence calling out the overstretched powers and actions of the SEC and the Commodity Futures Trading Commission in their <i>harsh <\/i>actions against the sector.<\/p>\n<p>\u00a0<\/p>\n<p>Finally, the Commission restated Changpeng Zhao and Binance\u2019s plan of profiting from the US market while trying to avoid responsibility by creating Binance.US.<\/p>\n<h2>Binance allegations against the SEC<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>After the regulator filed the lawsuit, Binance stated that its actions had not breached any existing laws and the SEC did not \u201c<i>plausibly allege\u201d <\/i>various securities law violations.<\/p>\n<p>The exchange went further to allege that the Commission has overstretched the scope of \u201c<i>investment contracts\u201d <\/i>adding that it seeks to regulate digital assets outside the scope of Congress.<\/p>\n<blockquote>\n<p>\u201c<i>The SEC recently brought several enforcement actions \u2013 including this action \u2013 premised on its new position that virtually all crypto assets, and virtually all crypto-asset transactions, are securities.\u201d\u00a0<\/i><\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/binance-arguments-to-dismiss-lawsuit-lack-merit-sec-argues-in-new-filing.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe The United States Securities and Exchange Commission (SEC) has opposed Binance\u2019s arguments to dismiss the lawsuit adding that the motion&#8230;<\/p>\n","protected":false},"author":1,"featured_media":11540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-11539","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is 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