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Judge Issues Key Orders In Binance Vs SEC For Motions To Amend Ruling – Crypto News

Published

1 year ago

July 10, 2024

Dripp

In the latest development in the U.S. SEC lawsuit against Binance, former CEO Changpeng Zhao, and Binance.US, a judge issued minute orders to end the discovery phase. The district court dismissed the SEC’s securities law violation claims regarding sales of BUSD, Simple Earn, and secondary sales of BNB.

Court Sets Deadlines for Remaining Motions

Judge Amy Berman Jackson issued several minute orders to end the discovery phase in the Binance Vs SEC lawsuit, according to the latest court filings.

In a minute order, Judge Jackson asked parties to file a joint submission by July 29 for further proceedings. Binance and SEC are required to set deadlines for any motion to amend the complaint or for relief from the recent decision on a motion to dismiss.

Parties seeking to amend or relief in response to the latest ruling are required to submit “whether and how discovery would commence if any motions to amend or for relief are filed, and whether discovery should proceed in phases.”

In addition, a minute update on scheduling conference proceedings was added to the docket for meeting and conferring on filing a joint submission as per the deadline set by the court.

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Binance Eyes Victory in Other Motions

Binance partial victory fueled positive sentiment in the crypto market as the judge indirectly sided with Judge Torres doctrine on crypto secondary sales and programmatic sales are not securities.

The court ruled crypto tokens are not securities, sales of BNB on secondary exchanges were not sufficiently alleged to be securities, and stablecoin BUSD is not classified as a security. The decision on BUSD was based on US DOJ filings in Mango Markets lawsuit that contradicted the SEC’s position that BUSD and other stablecoins are unregistered securities.

The motion to dismiss by Binance.US was rejected by the court, but the crypto exchange said it remains vigilant and prepared for the next phases of this legal journey.

BNB price jumped over 2% in the past 24 hours, with the price currently trading at $$527.80. The 24-hour low and high are $511.84 and $528.27, respectively.

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