SEC Dodges To Take Position On “Security” Issue In Binance Case – Crypto News – Crypto News
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SEC Dodges To Take Position On “Security” Issue In Binance Case – Crypto News

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3 years ago

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Crypto News: The world’s two biggest crypto exchanges, Binance and Coinbase are facing legal complications from the US Securities and Exchange Commission (SEC) for allegedly breaching operation rules. As the legal tussle continues, Coinbase Legal Chief pointed out the commission’s confusing approach to token categorization in the Binance case.

SEC Refuses To Take Position

Paul Grewal, Chief Legal Officer for Coinbase mentioned that while reviewing a transcript of Binance’s hearing before Judge Jackson, he spotted the US SEC’s puzzling legal strategy.

As per the transcription, the court asked the SEC about the defendants trading tokens that are not considered as securities. So, are the rest of the tokens security or not?

SEC Counsel dodged the question stating that it is reserving its right as they are still at the pleading stage. It is necessary to get into the discovery phase where a full assessment can be done around the categorisation.

However, the court again inquired about the tokens which are not mentioned in the lawsuit. It asked where the commission places them, and do they fall in the commodities category. Meanwhile, the SEC stated that “they are not taking any position’ over them and trying to get past.

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Ashish believes in Decentralization and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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