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There has been an ongoing conflict between Binance, the world’s largest exchange, and the U.S. Securities and Exchange Commission (SEC). Today (October 12th), an important hearing is scheduled. In addition, Judge Amy Jackson has made a significant decision regarding the case. She took steps to resolve the issues, including the submission of an amicus brief by Circle, the issuer of USDC.
Current Status of the Binance vs SEC Case
Judge Amy Berman Jackson took a major step by signing multiple orders to expedite the lawsuit between the SEC and Binance. This occurred on October 11th.
Judge Jackson acknowledged Circle Internet Financial in the case. She accepted the company as an amicus curie, which does not support any party regarding the petition for the dismissal of the case filed by Binance and CEO CZ. Circle, the issuer of USDC, argues that stablecoins are not securities and that the SEC does not have jurisdiction over stablecoins.
Another order stated:
An amicus brief may accompany any future motion for leave to file, pro hac vice, and may be filed in this case if it explains why the brief would be helpful or necessary, provided that it does not take a position already taken in any previously filed amicus briefs.
Judge Jackson also made a critical decision to allow attorneys Jeremy Gray, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba to appear as pro hac vice on behalf of their clients. Pro hac vice is a customary practice in the legal field that permits an attorney who is not licensed to practice in a particular jurisdiction to participate in a specific case in that jurisdiction.
However, Judge Jackson also signed another order requiring these attorneys or law firms to complete CM/ECF training, obtain a CM/ECF username and password, and agree to file documents electronically.
Binance’s Reaction to the Lawsuit
Binance, Binance.US, and CEO Changpenng “CZ” Zhao have submitted a petition requesting the dismissal of the SEC lawsuit. The petition claims that the SEC has exceeded its granted powers.
The SEC has made multiple allegations, including misappropriation of customer funds, misleading investors and regulators, and violations of securities laws. Binance is not the only institution facing difficulties in this situation. Coinbase, another major exchange, is also seeking the dismissal of the lawsuit, claiming that the SEC is attempting to exert pressure on the crypto world.
