Changpeng Zhao, the chief executive officer of the top crypto exchange Binance, has recently submitted a motion. The respective motion requests the court to discharge the lawsuit that the United States Securities and Exchange Commission filed, targeting Binance and its CEO. In this respect, the US District Court for the District of Columbia received a filing on 21 September.
Binance Chief Executive Officer Requests for the Dismissal of the SEC Lawsuit
In that filing, Zhao and Binance Holdings asserted that the US securities regulator had overstepped the agency’s authority. The petition comprised of up to sixty pages in which the lawyers for Zhao and Binance raised allegations against the SEC. The lawyers said that the SEC allegedly remained ineffective in offering unambiguous guidelines for the crypto sector before its lawsuit.
They added that this paved the way for its imposition of regulatory authority to subjugate the crypto industry retroactively. Based on these assertions, the lawyers claimed that there was no foundation for the lawsuit that the regulator filed against the defendants. The lawyers said that the agency primarily misinterprets the laws related to securities and their implementation on cryptocurrency assets.
Binance Lawyers Claim SEC Has Outplayed Its Authority in Its Lawsuit without Providing Proper Guidance for Crypto Market
The SEC allegedly attempts to claim its regulatory power over the market of cryptocurrency. While doing this, the lawyers say, it misrepresents the text mentioned in the securities laws. Apart from the petition that Zhao and Binance filed, Binance.US (the crypto exchange’s associate in the US) also did so.
As per the reports, Biannce.US sought the elimination of allegations in a separate filing of up to 56 pages. The SEC filed its lawsuit filing on 5 June. It accused Binance of offering unregistered securities along with operating illegitimately in the US. Previously, the Commodity Futures Trading Commission sued the crypto exchange for its alleged unregistered status.
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