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The cryptocurrency exchange Binance submitted a joint supplemental authority notice to the U.S. District Court, citing new findings from the case between the U.S. SEC and Coinbase. Coinbase recently achieved partial success in its appeal at the U.S. Court of Appeals for the Third Circuit.
Binance and SEC
On January 15, Binance and its founder, Changpeng Zhao, jointly filed a supplemental authority notice. In this notice, they requested that the recent outcomes from the Coinbase and SEC case be taken into account in Binance’s ongoing legal battle. Binance and Zhao are seeking to have the case against the SEC dismissed, arguing that cryptocurrency exchange services do not meet the SEC’s Howey Test criteria and that the complaints regarding third-party tokens lack adequate justification for proceeding.
Coinbase has demanded a comprehensive explanation for the SEC’s refusal to propose regulations. The lawsuit contends that Coinbase has not clarified how cryptocurrency platforms will comply with existing regulations.
Binance Case Strategy
By leveraging Coinbase’s partial victory in its case against the SEC, Binance aims to bolster its argument for dismissing the SEC’s claims. These developments are crucial for eliminating regulatory uncertainties in the cryptocurrency markets.
Prior to reaching an agreement with the new SEC administration, there were already signs from the Trump administration to eliminate fraud-related lawsuits. Reports suggest that in the coming week, we may see announcements regarding the dismissal of several cryptocurrency and exchange-related cases.
Coinbase’s partial victory in its case against the SEC could significantly impact Binance’s defense strategy. Lawsuits of this nature between cryptocurrency exchanges and regulatory bodies are critical for shaping the sector’s future and regulations. Such developments can also influence market dynamics and the value of cryptocurrency assets.
