Facing ongoing allegations from the US Securities and Exchange Commission (SEC), Binance
The SEC's amended lawsuit includes additional digital currencies like Filecoin
Binance's attorneys argue that the court previously acted correctly by rejecting the SEC's initial attempt to label crypto assets as investment contracts.
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The SEC insists that virtually all transactions involving crypto are securities dealings because buyers might anticipate asset appreciation. Binance's counsel argues that this position is legally baseless and urges the court to dismiss the amended claims with prejudice, preventing any further revisions.
The defense team contends:
The SEC pays lip service to the Court's ruling that crypto assets are not in and of themselves "securities," but refuses to accept the logical conclusion of that ruling—that secondary market resales of the assets long after they were first distributed by their developers are not "securities" transactions.
These latest developments mark another episode in the judicial conflict between Binance and the SEC, which began when the regulator filed a lawsuit against the exchange in June 2023.
In other news, a 25-year-old from Alabama was arrested on October 17 for hacking the SEC's social media to post fake Bitcoin ETF approval news.
