Key Points:
The SEC also requested Judge Amy Berman Jackson sign a proposed order in favor of the regulator. The SEC opposes Binance’s motion outlines several reasons why the court should deny the motion to dismiss.
Firstly, the SEC argues that the defendants’ actions violated the Howey test, which determines whether a transaction is an investment contract and therefore subject to securities laws. The SEC also asserts that the defendants violated investment contract rules by illegally listing unregistered securities in the form of cryptocurrencies.
Furthermore, the SEC opposes Binance’s motion, claiming that the agency is overreaching its authority by regulating the crypto industry. The SEC maintains that it has the authority to protect investors under existing securities laws, regardless of the asset class involved.
Additionally, the SEC accuses Binance.US of delaying and failing to cooperate with the SEC’s investigation. The SEC highlights disputes related to document discovery and depositions, which have hindered the SEC’s ability to effectively investigate the alleged violations.
In response to these allegations, Judge Jackson has set an in-person hearing on the motion to dismiss on January 18, 2024. This hearing will provide an opportunity for both parties to argue their cases before the court.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
The Dogecoin price has reached a five-month high, and investors should buy the Ethereum token…
Crypto isn’t just for the tech-savvy anymore; it’s for everyone. As more people jump into…
Wilmington, Delaware, 7th November 2024, Chainwire
Read how Plus Wallet’s top-tier ensures secure, unified digital asset management. Get the latest updates…
Former Alameda CEO Caroline Ellison reported to a Connecticut federal prison on November 7 after…
Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime…
This website uses cookies.