The Binance v. SEC lawsuit has been overturned after a federal judge asked the court to review “whether cryptocurrencies are security.”
There was a recent twist in the Binance and SEC lawsuit. Amy Berman Jackson, who is hearing the SEC v. Bianace case, is requesting court review to determine whether digital assets are securities. The lawyer representing Binance rejects all claims by the SEC that digital assets are securities.
Legal Saga Update
According to a court filing on January 18, the SEC v. Binance lawsuit, filed in June 2023, is still continuing as the SEC is doing its best to prove that its claims are true. The judge, who has been hearing both parties’ lawsuits since the beginning, is asking whether digital assets are securities and whether the Securities and Exchange Commission has ever sent a claim regarding cryptocurrencies.
SEC in the crosshairs
Judge Jackson of the District of Columbia District Court said he would hear arguments from both sides, particularly on how the SEC has acted toward cryptocurrencies under the existing regulatory and legal framework. Legal practitioners representing Binance.US will be given the opportunity to address “whether digital assets remain secure in perpetuity.”
“The court plans to hear arguments from one defense attorney on whether investment agreements must contractually cover business and whether the SEC ‘misunderstands the meaning of Howey’s “scheme.’”
Amy Berman Jackson
Is Binance planning to dissolve?
Yes, you all heard it right! Binance plans to dismiss the ongoing lawsuit as it heads to court in Washington today. This will be a significant step for the US SEC. Prominent figures in the cryptocurrency industry have already had a lot of expectations regarding this ongoing story. Binance was indicted in June of last year on charges of fraud and misleading investors about the size of the market, leading to a lawsuit.
2023 has been a difficult year for Binance as it has gone through many twists and turns. The saddest part of the regulatory hurdles was Chanpeng Zhao’s departure and the $4 billion settlement with the CFTC.