Victory

Partial

Read

<ul>
 <li>Binance’s partial victory in the SEC lawsuit dismissed claims related to BUSD, Simple Earn, and secondary BNB sales.</li>
 <li>Judge Jackson’s ruling supports the doctrine that crypto tokens and programmatic sales are not securities.</li>
 <li>The SEC may amend its complaint against Binance, seeking more evidence to strengthen its case.</li>
</ul>
<p>In a recent development in the <a href="https://cryptonewsland.com/binance-accused-of-illicit-transactions-by-nigerian-central-bank/" target="_blank" rel="noopener noreferrer nofollow">SEC lawsuit against Binance</a>, its former CEO Changpeng Zhao, and Binance.US, Judge Amy Berman Jackson has ended the discovery phase. The court dismissed the SEC’s claims regarding sales of BUSD, Simple Earn, and secondary sales of BNB.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Breaking: Judge Issues Key Orders In Binance Vs SEC For Motions To Amend Ruling<a href="https://t.co/7y0A8IFLT1" rel="noopener noreferrer nofollow">https://t.co/7y0A8IFLT1</a></p>— John Morgan (@johnmorganFL) <a href="https://twitter.com/johnmorganFL/status/1811002036877418744?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Judge Jackson issued several minute orders to conclude the discovery phase. According to court filings, she asked the parties to file a joint submission by July 29 for further proceedings. Binance and the SEC must set deadlines for any motion to amend the complaint or seek relief from the recent motion to dismiss the decision.</p>
<h3 class="wp-block-heading" id="h-growing-legal-tensions-and-proceedings"><strong>Growing Legal Tensions and Proceedings</strong></h3>
<p>Parties seeking amendments or relief must submit plans for how discovery would proceed if such motions are filed. They must also consider whether discovery should occur in phases. Additionally, a minute update on scheduling conference proceedings was added to the docket for meeting and conferring on filing a joint submission by the court’s deadline.</p>
<p><a href="https://www.binance.com/en" target="_blank" rel="noopener noreferrer nofollow">Binance’s partial victory</a> has sparked positive sentiment in the crypto market. The judge indirectly sided with Judge Torres’ doctrine on crypto secondary sales and programmatic sales not being securities. The court ruled that crypto tokens are not securities and that sales of BNB on secondary exchanges were not sufficiently alleged to be securities. Stablecoin BUSD was also not classified as a security, based on US DOJ filings in the Mango Markets lawsuit that contradicted the SEC’s stance.</p>
<h3 class="wp-block-heading" id="h-implications-and-future-actions"><strong>Implications and Future Actions</strong></h3>
<p>Although the motion to dismiss by Binance.US was rejected, the exchange remains vigilant and prepared for the next phases of this legal journey. This latest development follows Binance’s recent victory <a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">over the SEC</a>, where the court dismissed several charges against the exchange. The court ruled that the SEC did not provide enough evidence to prove that BNB’s secondary market sales were securities transactions. However, the court upheld other charges, including those related to the initial token offering and ongoing sales.</p>
<p>The SEC sued Binance and its CEO last year over alleged wrongdoings, including diverting customer funds and misleading investors. The SEC also claimed that Binance inflated trading volumes and failed to prevent US customers from using its platform. Additionally, the SEC alleged that Binance allowed the trading of financial products that were not properly registered.</p>
<h3 class="wp-block-heading" id="h-industry-reactions-and-regulatory-impact"><strong>Industry Reactions and Regulatory Impact</strong></h3>
<p>The CEO and co-founder of Enumma, David Barrera, proposed that the SEC revise its initial complaint in order to make a stronger argument. This could indicate that the SEC is looking for more proof before filing new allegations against Binance. The legal battle between the <a href="https://cryptonewsland.com/judge-clears-binance-and-cz-of-sec-charges-analyst-predicts-bitcoin-surge-to-200k-by-2025/" rel="noopener noreferrer nofollow">SEC and Binance</a> is part of a bigger effort to tighten rules on the cryptocurrency market. Coinbase and Kraken, two more well-known Bitcoin exchanges, have both been the target of similar measures.</p>
<p>Others think that even if the SEC works to stop money laundering and the funding of terrorist groups, this legislation may hinder innovation in the Bitcoin space. Due to allegations, including money laundering, Binance has been prohibited by several countries. As the Binance case moves forward, the cryptocurrency industry expects more clarity in cryptocurrency regulations.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/crypto-market-recovery-underway-as-bitcoin-re-enters-price-discovery-phase/" rel="noopener noreferrer nofollow">Crypto Market Recovery Underway as Bitcoin Re-Enters Price Discovery Phase</a></li>
 <li><a href="https://cryptonewsland.com/binance-embraces-semi-automation-for-token-reserves-management/" rel="noopener noreferrer nofollow">Binance Embraces Semi-Automation for Token Reserves Management</a></li>
 <li><a href="https://cryptonewsland.com/floki-celebrates-new-ath-as-floki-price-catches-up-with-platform-success-altcoin-enters-price-discovery-with-bnb/" rel="noopener noreferrer nofollow">FLOKI Celebrates New ATH as FLOKI Price Catches Up With Platform Success, Altcoin Enters Price Discovery with BNB</a></li>
 <li><a href="https://cryptonewsland.com/us-district-court-dismisses-key-sec-claims-against-binance-in-regulatory-case/" rel="noopener noreferrer nofollow">US District Court Dismisses Key SEC Claims Against Binance in Regulatory Case</a></li>
 <li><a href="https://cryptonewsland.com/coinbase-prevails-in-lawsuit-over-secondary-sales-of-crypto-transactions/" rel="noopener noreferrer nofollow">Coinbase Prevails in Lawsuit Over Secondary Sales of Crypto Transactions</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/binance-secures-partial-victory-in-sec-lawsuit-discovery-phase-ends/" rel="noopener noreferrer nofollow">Binance Secures Partial Victory in SEC Lawsuit, Discovery Phase Ends</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Binance Secures Partial Victory in SEC Lawsuit, Discovery Phase Ends

Table of Contents

Crypto News Land

Other articles published on Jul 11, 2024

US Core CPI Data Shows Inflation Cooling, Bitcoin Backs Above $59,000

Crypto Markets Entangled With $100B In Illicit Funds Since 2019: Report

MicroStrategy Announces 10-for-1 Stock Split

Top 5 Airdrops for Newbies

Binance To Sell Majority Stake In GOPAX Shares

Which is The BEST AI Crypto Trading Bot?

Join our free newsletter for daily crypto updates!