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Latest Updates In Binance Versus SEC Lawsuit

Published:

Through a court filing yesterday, the United States Securities and Exchange Commission (SEC) is seriously pushing against Binance, Binance.US, and Changpeng Zhao’s motion to dismiss the legal action against them, citing that Binance has no legal basis to do so.

Earlier last summer, the United States SEC initiated a legal action against Binance, Binance.US, and Changpeng Zhao, its CEO and founder.

Allegedly, the world’s largest crypto exchange by trading volume offered unregistered securities to its investors.

READ ALSO:Sam Bankman Fried Found Guilty On All Charges

However, recently, Binance filed a motion to the court to dismiss the case, arguing that the United States Securities and Exchange Commission is overreaching its authority from its mandate.

In addition, Binance denied the allegations with claims that it couldn’t have violated any actual securities law violations.

Fast facts

  • SEC I filed against Binance’s arguments, stating that what Binance plans to do can disrupt many years of established legal standards underpinning the United States securities laws.
  • According to the US Securities and Exchange Commission, Binance proposes a “rigid structure” that lacks foundation in the existing law or case precedence.
  • Furthermore, the SEC argues that the crypto exchange’s staking and earning programs also violated federal securities laws.
  • As a result, the SEC dismissed Binance’s appeal to the “Major Questions Doctrine,” which cryptocurrency firms usually use in federal lawsuits.
  • Moreover, the agency asserts that Binance’s motion for dismissal lacks legal grounding. Also, it describes Binance’s interpretation of law and precedents as tortured and distorted.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is changing hands at $36,801.72, while recording a slight increase in market cap of 3.97% and an increase in trading volume by 36.33%.

On the side of Ethereum, its current price is at $1,911.61, with a bit of a rise in market cap by 1.24% and an increase in trading volume by 27.69%.

  • Meanwhile, Tether USDT is now trading at $1.00 while seeing a slight rise in market cap by 0.22% and an increase in trading volume by 24.15%.
  • BNB, on the other hand, is selling at $250.61, with an increase in market cap by 1.60% and an increase in trading volume by 52.41%.
  • Whereas XRP is currently priced at $0.6993, recording an increase in market cap by 0.56% and a decline in trading volume by9.87%.
  • As for USD, Coin is now selling at $0.9999, with a drop in market cap by 0.35% and an increase in trading volume by 18.36%.
  • On the other hand, Solana is now selling at $46.75 while seeing a rise in market cap by 8.18% and a decrease in trading volume by 2.67%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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