A federal judge revisits her ruling on the SEC’s case against Binance, focusing on the status of third-party tokens and their implications for the lawsuit.
Points
- Judge revisits ruling on third-party tokens in the SEC’s
case against Binance.
– The SEC’s lawsuit alleges that Binance listed 10 unregistered securities.
– The judge’s clarification could shape the scope of the case and discovery process.
A federal judge is revisiting her ruling in the U.S. Securities and Exchange Commission’s （SEC） case against Binance, focusing on the status of third-party tokens. This reassessment follows arguments from Binance’s attorneys, who interpreted the judge’s initial ruling as beneficial to their defense regarding these tokens.
During a hearing on July 9, 2024, Binance’s legal team claimed that Judge Amy Berman Jackson’s June 28 ruling on their motion to dismiss effectively removed third-party tokens from the case. These tokens, including Solana （SOL）, Cardano （ADA）, and Polygon （MATIC）, among others, were alleged by the SEC to be unregistered securities.
Judge Jackson clarified that her intention was not to exclude these tokens from the case, leading to an extensive discussion on whether her order sufficiently addressed both parties’ arguments. The judge stated that she would take another look at the motion to dismiss and the SEC’s opposition memo to review the arguments about the third-party tokens.
Cointelegraph
The SEC’s lawsuit against Binance alleges multiple violations, including offering and selling unregistered securities, failing to register as a broker or exchange, and mismanaging customer funds. The inclusion or exclusion of third-party tokens could significantly impact the scope of the case and the discovery process, potentially altering the trajectory of the lawsuit.
As part of the ongoing proceedings, the judge and both parties agreed to a July 29 deadline for jointly filing a proposed schedule for the next steps. This schedule will likely address other ongoing discovery efforts and clarify the status of the third-party tokens in the lawsuit.
解説
- Legal Implications: The judge’s reassessment of the third-party token allegations highlights the complexities of regulatory enforcement in the cryptocurrency industry. The outcome could set important precedents for how similar cases are handled in the future.
- Scope of Discovery: Clarifying the status of third-party tokens in the lawsuit will shape the scope of discovery, potentially influencing the evidence that both parties can present. This decision could either narrow or expand the SEC’s case against Binance.
- Regulatory Challenges: The case underscores the challenges regulators face in classifying and overseeing cryptocurrencies. The ongoing legal battles highlight the need for clear regulatory frameworks to guide the industry and protect investors.