United

Request

The United States District Court has allowed the Securities and Exchange Commission (SEC) to file a more extended answer in a lawsuit against Binance, its CEO Changpeng Zhao (CZ), and BAM Trading Services. 
The court granted the SEC’s motion to file documents exceeding the usual 45 pages. The combined filing is 70 pages in response to motions to dismiss filed by the defendants. 
<h2 class="wp-block-heading" id="h-sec-granted-additional-space-for-legal-response">SEC Granted Additional Space for Legal Response</h2> 
In its ruling, Judge Amy Jackson granted the US SEC permission to submit a consolidated reply. The SEC stated that the concern of the overlapping facts between Binance and its affiliates meant that a more complex answer was needed to properly combat each defendant’s allegations. 
The SEC asked to provide one consolidated filing in the extended format. This would prevent duplication and enhance the efficiency of the courts according to them. Binance and BAM Trading Services did not object to the request. 
The court stated that the additional ten pages would guarantee that all the issues raised were sufficiently discussed. 
<h2 class="wp-block-heading" id="h-binance-s-motions-to-dismiss">Binance’s Motions to Dismiss</h2> 
In response to SEC complaint filed earlier this month, Binance and <a href="https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/">Ex</a>–<a href="https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/https://www.thecoinrepublic.com/2024/09/30/binance-founder-changpeng-zhao-cz-vows-to-do-this-now/">CEO Zhao</a> have both moved to dismiss the SEC’s amended complaint. 
Binance legal counsel stated the complaint had no merit. The SEC has not defined how crypto assets and secondary market sales are securities under existing laws. 
The motion to dismiss accused the SEC of still categorizing almost every cryptocurrency transaction as a security transaction. 
Binance said that to date the SEC has not provided clear guidelines to the courts, market participants, and litigants. There needs to be clarity as to what is lawful and unlawful in the cryptocurrency market. 
The SEC’s amended complaint alleges that Binance and its related entities engaged in securities fraud by conducting unregulated business in the United States and selling securities without registering them. 
The court has not yet reached a decision on either the motions to dismiss or the motion to dismiss the case in its entirety. 
<h2 class="wp-block-heading" id="h-timeline-extended-as-case-moves-forward">Timeline Extended as Case Moves Forward</h2> 
The Binance lawsuit is now expected to extend into 2026 following a scheduling order issued by the court last month. The SEC’s consolidated response on December 4 marks a critical step in the early stages of the lawsuit. 
Once the response is filed, the court will review the SEC’s arguments against the motions to dismiss. 
The time frame is not surprising given the multiple defendants, numerous interconnected arguments, and uncertainties regarding the legal status of cryptocurrencies in the United States. 
The SEC and Binance have also shown their desire to contest their respective stands hence the case is expected to drag on in the courts for years. 
<h2 class="wp-block-heading" id="h-bnb-price-holds-steady-amid-legal-pressures">BNB Price Holds Steady Amid Legal Pressures</h2> 
Although the legal battles persist, Binance’s very own token <a href="https://www.thecoinrepublic.com/2024/10/29/bnb-price-increases-with-memecoin-boom-ethereum-is-next-with-the-casino-presale/">BNB</a> has remained somewhat resilient within the market. 
At the time of writing, BNB was trading at around $636. That was after briefly touching its support at $600 in the early hours of the day. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="380" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-1024x380.png" alt="" class="wp-image-855090" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-1024x380.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-300x111.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-768x285.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-150x56.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774-696x258.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-774.png 1036w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
 </figure>
</div> 
Experts believe that BNB may go up if it manages to trade above the resistance levels. Technical analysis on the other hand reveals that buying pressure is on the rise as seen by the rising Relative Strength Index (RSI) and an improved market sentiment. 
However, the legal ambiguity concerning Binance and its associated companies has restrained the volatility of BNB in comparison with other market indicators. 
Analysts are keenly observing if the asset can breach above $635 as this would open a path for more gains. 
The post <a href="https://www.thecoinrepublic.com/2024/11/28/us-court-approves-sec-request-for-extended-response/">US Court Approves SEC Request for Extended Response</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

US Court Approves SEC Request for Extended Response

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