The new development in the United States Securities and Exchange Commission versus Binance Holdings litigation is that the court has released an order to deny the motion filed by a 3rd party Eeon to intercede in the legal action and seek counterclaim.
The federal Judge, Jackson, depended on the United States SEC and Binance’s reactions of resisting intervention in the enforcement action and other court judgments, which included US SEC versus Ripple Labs, for the decision.
READ ALSO:United States SEC May Likely Approve Ethereum ETF this Year Instead of Bitcoin
Furthermore, Binance filed a petition to drop the United States CFTC lawsuit citing that CFTC lacks jurisdiction in the international cryptocurrency exchange. CFTC will be releasing their response by September 22, 2023.
- Previously last July 27, Changpeng Zhao and Binance Holdings, the defendants in the case, contradicted a request by Eeon to intervene, citing three reasons to deny the motion to the court.
- In addition, the Securities and Exchange Commission, the plaintiff, also asked the court to deny the proposed motion in compliance with the Exchange Act and counteract claims that are looking for relief from Binance and SEC.
- Judge Jackson complied with the US SEC and Binance responses, saying that the law is against combining a private action with one provided by the Securities and Exchange Commission without its permission.
- The Judge also referred to cases like the United States SEC and Ripple Labs, which prevented private counterclaims, cross-claims, and 3rd party claims to the Securities and Exchange Commission enforcement action.
- The Judge refused to consider whether the 3rd party Eeon met the criteria for a counterclaim but ordered the motion to be denied.
What’s Happening In Crypto Right Now?
Right now, the price of Bitcoin is at $29,229.52, with an increase in market cap by 0.29% and a drop in trading volume by 10.81%.
Meanwhile, Ethereum is presently trading at 41,843.57 with an increase in market cap by 0.40% and a drop in trading volume by 7.17%.
- On the side of Dogecoin, its price at the moment is $0.07457, with an increase in market cap by 0.67% and a decrease in trading volume by 21.34%
- Cardano currently trades at $0.2954 with a drop in market cap by 0.26% and a drop also in volume by 16.21%
- Solana, at the moment, is trading at $23.39 with an increase in market cap by 2.17% and a drop in trading volume by 6.62%.
