Ripple v. SEC update as of September 22, 2023
As Ripple awaits the final conclusion of its legal case with the SEC, commentators have shared their opinions. Lawyer Bill Morgan believes that Judge Analisa Torres' decision on the SEC's appeal request should be coming soon, and a delay could be a bad sign for the SEC. Morgan also clarified that the NYDFS delisting of XRP does not equal a ban and does not prevent approval for custody or sale. He believes that Ripple is winning the regulatory battles overall and globally, but the SEC's stance on XRP sales remains a problem.
Binance CEO CZ Zhao Files Petition To Dismiss SEC Lawsuit Overstepping Authority
Binance CEO Changpeng Zhao and his cryptocurrency exchange have filed a petition to dismiss the lawsuit brought against them by the SEC. The petition claims that the SEC overstepped its authority and distorted the securities laws in an attempt to regulate the crypto industry. Binance.US also filed a separate petition to have the charges against it dismissed. This is an ongoing story and more information will be provided as it becomes available.
Binance US Asks To Dismiss SEC Money Laundering Trading Charges, Saying It Lacks Factual Basis
September 22nd, Binance US and its affiliated organizations have requested that a Washington, D.C. court dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), stating that the allegations of money laundering transactions "have no factual basis".
Head of U.S. SEC Encryption Enforcement: The Sec Has Not Stopped Pursuing Exchanges and DeFi Projects
According to David Hirsch, head of the SEC's cryptocurrency enforcement office, the SEC has not stopped investigating cryptocurrency exchanges and DeFi projects because these projects have violated securities laws, just like Coinbase and Binance. Hirsch said, "We will continue to investigate, we will be active in this field, and adding the DeFi label will not prevent us from continuing our work."
Binance.US Legal Team: The $250 Million Loan Is a $250 Million Convertible Note Issued to CZ
According to court documents released this week, Binance CEO Zhao Changpeng obtained a $250 million loan from BAM Management US Holdings and then transferred it to BAM Trading. Binance.US legal team responded in the documents that BAM Management US Holdings issued $250 million convertible notes to Zhao in December.
Philippine SEC Collaborates with US Counterpart and Asian Development Bank to Combat Crypto-Related Crimes
The Philippines Securities and Exchange Commission (SEC) has partnered with the US SEC and the Asian Development Bank to combat cryptocurrency-related fraud and financial crimes. The three institutions conducted an IOSCO Investigation and Enforcement Training workshop to enhance their fraud prevention toolkit.
Federal Judge Denies SEC's Request to Access Binance.US Technology Infrastructure in Ongoing Case
A federal judge has denied the US Securities and Exchange Commission's (SEC) request to access Binance.US's technology infrastructure in the ongoing case. Binance.US lawyers argued that the SEC's request for documents was too broad. The SEC has been accused of not cooperating with the investigation, and the judge proposed that the SEC formulate a more targeted request and interview more witnesses. The next hearing has been moved to October 12th.
SEC Denied Immediate Access to Binance.US Software in Ongoing Legal Battle
The United States Securities and Exchange Commission (SEC) was denied immediate access to Binance.US's software during a hearing on September 18th. The judge suggested that the SEC should provide more specific requests for discovery and speak with a broader range of witnesses.
The U.S. SEC and Binance.US Holding Company BAM Will Hold a Hearing on October 12
On September 19th, a Washington area judge encouraged Binance.US holding company BAM and the U.S. Securities and Exchange Commission (SEC) to work together to provide more information on how Binance.US handles customer assets. In addition, the SEC and BAM agreed to hold a hearing on October 12th and submit a joint status report by October 10th.
The U.S. SEC's Motion to "Unseal Sealed Documents From the Binance Lawsuit" Has Been Approved by the Court
Fox Business reporter Eleanor Terrett posted on social media that the judge in the SEC's case against Binance has approved the SEC's motion to unseal previously sealed documents, including "enforcement and other relief motions, as well as opposition to the Binance.US protective order motion."
