A major breakthrough has occurred in the ongoing case between the U.S. Securities and Exchange Commission (SEC) and Binance. Judge Amy Berman Jackson’s approval of expert reports from the Administrative Law Scholars and the New Finance Institute has revealed important developments. Experts suggest that the disagreements between Binance.US and SEC are nearing resolution, and they expect a decision to be reached in the case soon, with Binance simultaneously seeking the dismissal of the lawsuit.
In a notable development in the cryptocurrency market, Judge Jackson, overseeing the SEC case against Binance and its CEO CZ, has approved expert reports submitted by the Administrative Law Scholars and the New Finance Institute.
Legal experts have opposed Binance and Binance.US’s motion to dismiss the case and have applied to support the SEC. The approval of these expert reports demonstrates the court’s willingness to consider alternative perspectives and provides a new outlook for ongoing legal proceedings.
Both the Administrative Law Scholars and the New Finance Institute aim to oppose Binance’s motion to dismiss the case, bringing unique legal perspectives to the table. It is worth noting that the New Finance Institute has previously acted as amicus curiae in the Coinbase case.
Amicus curiae refers to individuals who provide information, expertise, or insight to assist the court in matters related to the case without being a party to it. In our context, they are more commonly referred to as expert witnesses. The court will now evaluate these different perspectives to ensure a comprehensive assessment of the case.
The recent indicators of a joint motion for a protective order filed by Binance and the SEC suggest a potential alignment between the two parties. This motion relates to confidential details produced in accordance with the consent decree dated June 17. It indicates that disputes regarding document discovery and depositions are nearing resolution. The collaboration on this protective order signifies a possible easing of tensions between Binance and the SEC.
Judge Amy Berman Jackson has scheduled a public hearing on January 19 to consider Binance.US’s motion to dismiss the case. This request is supported by Binance and CEO Changpeng Zhao. The significance of this hearing and its potential to lead to a summary judgment or, alternatively, a settlement closely watched by the cryptocurrency community.