U.S. judge orders Binance and SEC to resubmit joint status report on October 30
According to documents filed with the court on October 13, US District Judge Zia M. Faruqui has given Binance, Binance.US, CEO CZ, and the US SEC more time. He has requested that the parties cooperate in providing the necessary document evidence and witness testimony as agreed upon in the previous consent order. Binance, Binance.US, and CEO CZ, as well as the US SEC, submitted a joint status report on Wednesday, but Judge Faruqui was not satisfied with their performance. The plaintiff and defendant failed to reach any conclusion regarding the request for document disclosure. The SEC argued that BAM only provided about 382 documents and refused to provide its position on providing the remaining documents as required by the consent order. Binance.US stated that since the hearing on September 18, the SEC has made more unreasonable demands. Judge Faruqui has requested that the parties submit a joint status report by October 30. Meanwhile, the SEC, Binance, and CZ will meet to discuss these requests. Meanwhile, Paradigm Operations has submitted a friend of the court brief in support of Binance's motion to dismiss the US SEC lawsuit because the SEC lacks regulatory authority over cryptocurrency. Paradigm earlier pointed out errors in the Howey Test used by the SEC in investment contracts and the word "scheme". In addition, it believes that the SEC's definition of "investment contract" applies securities laws to ordinary asset sales. Paradigm believes that Congress must provide a regulatory framework for cryptocurrency to prevent the SEC from forcibly obtaining regulatory power over cryptocurrency assets.
Judge Faruqui: Doesn’t believe Binance and SEC’s efforts to resolve disputes
Local judge Faruqui stated that he does not believe the recent efforts made by plaintiff the U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings, Binance.US, and CEO CZ to resolve the dispute. The joint status report submitted by both parties indicates that neither party is interested in resolving the disputes related to document discovery and testimony. Meanwhile, Paradigm Operations has submitted a non-party statement in support of Binance's motion to dismiss the SEC lawsuit, citing the lack of authority of the SEC in the cryptocurrency industry.
Coinbase Doubles Down on Push for Court Order to Compel SEC Response on Crypto Rulemaking Petition
Coinbase is urging for a court order to be issued within 30 days to compel the U.S. Securities and Exchange Commission (SEC) to respond to its crypto rulemaking petition. The SEC recently provided an update on the matter but did not disclose any further details. Coinbase's Chief Legal Officer, Paul Grewal, has criticized the SEC for its lack of action and called for a mandamus to force the agency to outline its intentions. Coinbase filed the rulemaking petition in July 2022, requesting the SEC to propose and adopt rules to govern the crypto market.
Coinbase Urges SEC to Address Rulemaking Request for Digital Assets in Mandamus Petition
Coinbase has filed a mandamus petition with the US Court of Appeals for the Third Circuit in response to the Securities and Exchange Commission's (SEC) lack of response to its request for rulemaking. The petition seeks clarification on how federal securities laws apply to digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
Coinbase Has Asked the Court to Ask the SEC to Take Action on the Rulemaking Petition Within 30 Days
Coinbase's chief legal officer, Paul Grewal, tweeted that Coinbase has submitted a response to the U.S. Securities and Exchange Commission (SEC) in the Third Circuit Court, requesting that the SEC take action on Coinbase's rulemaking petition within 30 days.
SEC Reportedly Won’t Appeal Court Decision Favoring Grayscale’s Bitcoin ETF Application Review
The U.S. Securities and Exchange Commission (SEC) will reportedly not appeal the court decision that favored Grayscale Investments, requiring the SEC to review the firm's spot Bitcoin exchange-traded fund (ETF) application. Bloomberg analysts expect the SEC not to appeal to the Supreme Court, but this does not guarantee approval of Grayscale's application.
SEC will not appeal court ruling on Grayscale's bitcoin ETF application
The US Securities and Exchange Commission (SEC) will not challenge a court ruling that found it was incorrect to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund. The decision allows the SEC to review Grayscale's proposal. The source familiar with the matter confirmed the news.
SEC Faces Deadline to Appeal Court Ruling in Favor of Grayscale’s Bitcoin Fund Application
The United States Securities and Exchange Commission (SEC) has until October 13 to appeal a court decision in favor of Grayscale Investments, which would force the regulator to review the fund manager's application for a spot Bitcoin fund. While an appeal is unlikely, analysts suggest the SEC could still find ways to delay approval of Grayscale's spot Bitcoin ETF conversion.
SEC and Binance still at odds over document discovery and depositions
The Securities and Exchange Commission (SEC) and Binance Holdings, Binance.US, and CEO Changpeng “CZ” Zhao have filed a joint status report to the District Court of Columbia, but they are not in agreement on document discovery and depositions. Binance.US and the SEC have confirmed a deposition for October 18, but have failed to reach a conclusion on discovery requests. Binance.US believes the SEC's requests since the September 18 hearing are unreasonable, and that the SEC's approach is inconsistent with the consent order. Binance and CZ have requested the court to dismiss the lawsuit, claiming that the securities regulator is overreaching its authority. A crucial hearing is scheduled for October 12.
BarnBridge DAO Members Vote to Comply with SEC Demands and Nominate Special Delegates
The members of the decentralized autonomous organization (DAO) BarnBridge have voted unanimously to comply with potential demands from the United States Securities Exchange Commission (SEC) and pay fines if necessary. Tyler Ward and Troy Murray have been appointed as special delegates to deal with the regulator, while Douglas Park remains the DAO's legal counsel.
