Binance v. SEC Lawsuit Took Turn as Federal Judge Calls for Court Review “Whether Crypto Is Security”

reportcryptos.com
3 Min Read

There is the latest twist in the Binance and SEC lawsuit, Amy Berman Jackson who is hearing the SEC v. Bianace lawsuit is asking for a court review to find out whether digital assets are securities. The lawyer the one who will represent Binance rejects all allegations made by the SEC that digital assets are securities.

According to the court filing on January 18, the SEC v. Binance lawsuit that was filed in June 2023 is still going on as the SEC is trying its best to prove the allegation true which is made by them. The Judge who has been hearing this lawsuit since the start from both parties is asking whether digital assets are securities or not or whether they are never sending allegations by the Securities and Exchange Commission on the cryptocurrencies.

SEC on the Crosshair

District Court for the District of Columbia, Judge Jackson said she will hear arguments from both sides, especially on how the SEC acted towards cryptocurrencies under existing regulatory and legal frameworks. Legal practitioners who are representing Binance.US will be given a chance to address “whether a digital asset remains a security in perpetuity” 

“The Court intends to hear arguments on [whether an investment contract must involve a contractual undertaking and] whether the SEC ‘misunderstands the meaning of “scheme” in Howey,’ from one defense attorney only,”

Amy Berman Jackson

Is Binance Planning for Dismissal?

Yes, you all heard right! Binance is planning the dismissal of this ongoing lawsuit as their team is heading toward Washington court today. This will be a crucial move against the U.S. SEC. Prominent people in the crypto industry have already made many anticipations related to this ongoing saga. Binance was accused of fraudulent activities in June previous year and misleading investors about its market volume, which directly led to the lawsuit.

The year 2023 was challenging for Binance as it has gone through many ups and downs. The saddest part of their regulatory hurdles was the departure of Chanpeng Zhao and the 4 billion settlement with CFTC.

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