As per the latest developments, the SEC has opposed Binance’s motion to dismiss the lawsuit continuing between the SEC and Binance.
John Reed Stark, a former SEC enforcement officer, highlights recent social media platform X changes. In an attempt to dismiss the U.S. Securities and Exchange Commission’s allegations against Binance and its CEO, Changpeng “CZ” Zhao, the defendants submitted court documents in September.
In its case, Binance and Zhao contended that the agency had gone ultra-vire to its authority. The U.S. Securities and Exchange Commission (SEC) suffered a setback in September when it could not obtain permission to investigate the software that Binance.US was using. Since filing a lawsuit against the American exchange, its foreign partner Binance Holdings, and its CEO Changpeng Zhao in June, the SEC has stated that it has been unable to get information from Binance.US.
While Binance maintains that BUSD was not provided as an investment contract because there is no chance of profit, the SEC alleges that Binance advertised and sold BUSD as an investment contract. Its value is anticipated to stay at $1, after all.
The SEC further stated that the Binance defendants relied on the Ripple finding, which concluded that certain sales of bid/ask transactions were ‘blind’ and did not involve securities, to keep the buyers from knowing whether the money they paid went to Ripple or any other seller of XRP.
It’s an exciting weekend for crypto fans, and especially for those watching XRP closely. There’s…
Another Viral Elon Moment — Another Meme Coin Surge This week, Elon Musk once again…
In a market full of noise, the tokens that make the biggest moves often do…
Investors are monitoring Ethereum intently since it is on the verge of a crucial breakout.…
Last year, BONK and BlockDAG (BDAG) performed tremendously and created generational wealth for many investors.…
With the cryptocurrency market steadily recovering and capital beginning to flow into high-utility projects, one…
