2023-06-28 20:10:10
© Reuters Court Denies Binance Motion Alleging SEC Misconduct
CriptoFácil – In a recent decision, judge Amy Berman Jackson denied a motion filed by Binance, one of the largest cryptocurrency exchanges in the world, against the United States Securities and Exchange Commission (SEC). The motion sought to bar the SEC from making public statements about the SEC/Binance case.
Binance’s motion was filed in response to an SEC press release issued on June 21, in which the regulatory agency accused Binance of mishandling user funds.
Binance claimed that the SEC published misleading facts about the company and CEO Changpeng Zhao, potentially affecting the judgment of the case.
However, three days after filing the motion, Judge Jackson ruled, rejecting Binance’s claim. In her ruling, she explained that while all parties involved in the case must fulfill their ethical obligations, it is not apparent that the Court’s intervention is necessary or appropriate at this time.
In addition, she does not believe that the agency’s public relations will materially affect the proceedings of the case.
Binance x SEC
Binance specifically sought Judge Jackson to order the SEC to refrain from making “misleading extrajudicial statements that could materially affect legal proceedings.”
Specialists in securities law have expressed their views on the decision. John Reed Stark, former head of the SEC’s Internet Enforcement Office, suggested that Binance’s motion may have been more of a marketing gimmick than a sound legal argument.
“It seemed so frivolous at first glance and more like marketing theater than a legal argument,” he said.
James “MetaLawMan” Murphy, a securities attorney, stated that the judge’s decision is not good news for Binance, although it does not directly affect the merits of the case.
On the same day, the court also set a timeline for the next steps in the case. Binance will have to defend its case on September 21, 2023, while the prosecution will present its legal arguments on November 7, 2023. Responses to the allegations will be heard starting on December 12.
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