{"id":137896,"date":"2023-09-02T04:51:04","date_gmt":"2023-09-01T23:21:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137896"},"modified":"2023-09-02T04:51:04","modified_gmt":"2023-09-01T23:21:04","slug":"ex-sec-chief-predicts-compromise-as-binance-goes-toe-to-toe-with-sec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ex-sec-chief-predicts-compromise-as-binance-goes-toe-to-toe-with-sec-crypto-news\/","title":{"rendered":"Ex-SEC Chief Predicts Compromise as Binance Goes Toe to Toe With SEC – Crypto News"},"content":{"rendered":"

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Leading cryptocurrency exchange Binance recently <\/span>filed<\/span><\/a> a protective order against the enforcement action levied by the United States Securities and Exchange Commission (SEC). Commenting on this, former SEC Chief John Reed Stark <\/span>opined<\/span><\/a> that there is a \u201cdiscovery storm brewing\u201d between both parties from both parties\u2019 current moves\u00a0<\/span><\/p>\n

Binance Went on the Offensive Against SEC<\/strong><\/h2>\n

The U.S. arm of the crypto exchange Binance Holdings, together with some other associates like BAM Trading Services Inc. and BAM Management U.S. Holdings Inc. requested that the court limit the SEC to four depositions of BAM employees.\u00a0<\/span><\/p>\n

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They also asked that the court preclude \u201cthe SEC from questioning witnesses during depositions on matters outside the scope of the Consent Order.\u201d\u00a0<\/span><\/p>\n

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What Will Likely Happen Regarding Binance\u2019s Recent Motion for a Protective Order In The SEC\/Binance Case<\/p>\n

There\u2019s clearly a discovery storm brewing between the SEC and Binance. Among other gripes, the U.S. arm of crypto exchange Binance Holdings is fighting an attempt by the U.S.\u2026 pic.twitter.com\/LzTjsMeMWp<\/a><\/p>\n

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\u2014 John Reed Stark (@JohnReedStark) August 16, 2023<\/a><\/p>\n<\/blockquote>\n

The request for precluding depositions was also requested for BAM\u2019s Chief Executive Officer, Brian Shroder and its Chief Financial Officer, for all communications about various topics.<\/span><\/p>\n

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Binance stated that the regulator\u2019s <\/span>requests<\/span><\/a> for communication are \u2018overboard\u2019 as well as \u2018unduly burdensome\u2019. Furthermore, the top exchange highlighted that it has provided the SEC with all necessary information to assure the commission of the safety of its customers\u2019 assets. But the regulator seems hell-bent on conducting a \u201cfishing expedition\u201d on its operations and this has outraged Binance.<\/span><\/p>\n

Unusual Judicial Oversight and Compromise<\/strong><\/h2>\n

Stark believes that the entirety of the matter would be handled better with an unusual judicial oversight under an \u2018onerous and exigently\u2019 obtained Consent Order. He posited that a Temporary Restraining Order (TRO) Agreement which would be signed by D.C. District Court Judge Amy Berman Jackson who is currently presiding over the lawsuit.<\/span><\/p>\n

This unique judiciary oversight technically come with expedited discovery, meaning that a summary judgment would be pronounced faster than expected. The ex-SEC official claimed that the current discovery dispute is not peculiar to the Binance\/SEC case, adding that he experienced similar scenarios during his time as Chief.<\/span><\/p>\n

In this case, Stark is confident that Judge Jackson will come to a compromise by taking either of two options. The judge may decide to oversee the discovery himself or end up appointing an experienced and trusted D.C. magistrate judge to supervise the process. To stay on course, Judge Jackson will likely set a couple of deadlines and hearing dates.<\/span><\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Leading cryptocurrency exchange Binance recently filed a protective order against the enforcement action levied by the United States Securities and Exchange Commission (SEC). Commenting on this, former SEC Chief John Reed Stark opined that there is a \u201cdiscovery storm brewing\u201d between both parties from both parties\u2019 current moves\u00a0 Binance Went on the Offensive Against SEC […]<\/p>\n","protected":false},"author":2,"featured_media":126771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-137896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137896"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137896\/revisions"}],"predecessor-version":[{"id":148268,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137896\/revisions\/148268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/126771"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}