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Binance.US\u2019s<\/a> parent company\u2019s request for a protective order on Aug. 14<\/a> to prevent securities regulators from making excessive demands may be on shaky grounds, according to one former official.<\/p>\n In its original filing, BAM complained that the Securities and Exchange Commission (SEC) demanded excessive information and depositions of numerous employees.<\/p>\n As such, BAM aimed to obtain a protective order from the courts. The requested order would allow the SEC to depose just four of BAM\u2019s employees, excluding its CEO and CFO, while preventing the regulator from making overbroad inquiries. Those matters all relate to an ongoing case that the SEC initiated against Binance in June<\/a>.<\/p>\n The court has not yet dealt with Binance.US\u2019s request. However, on Aug. 16<\/a>, John Reed Stark \u2014 formerly the SEC\u2019s Office of Internet Enforcement chief \u2014 weighed in on the matter and predicted the most likely outcome.<\/p>\n Stark said that it is likely that the SEC has demanded too much information and that BAM has requested too much in its protective order. He suggested that the two parties in the case will need to reach a compromise on the matter.<\/p>\n Stark added that the SEC previously obtained a consent order or temporary restraining order against Binance.US. This allows for expedited discovery, meaning that courts must resolve disputes more quickly than usual though the process is otherwise routine.<\/p>\n Stark also predicted that Judge Amy Berman Jackson would pass the matter to a magistrate judge, something that occurred later in the day. Judge Jackson referred Binance.US\u2019s motion to Magistrate Judge Zia M. Faruqui in a court filing<\/a>.<\/p>\n Stark finally noted that he believes that the U.S. Department of Justice (DOJ) will soon unseal or file an indictment related to Binance, complicating the SEC case further. Reports dating back to at least Aug. 2<\/a> suggest that those DOJ charges are forthcoming.<\/p>\n The post Former SEC official comments on Binance.US\u2019 request for protection<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Binance.US\u2019s parent company\u2019s request for a protective order on Aug. 14 to prevent securities regulators from making excessive demands may be on shaky grounds, according to one former official. In its original filing, BAM complained that the Securities and Exchange Commission (SEC) demanded excessive information and depositions of numerous employees. As such, BAM aimed to […]<\/p>\n","protected":false},"author":2,"featured_media":119354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-138175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138175","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=138175"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138175\/revisions"}],"predecessor-version":[{"id":148174,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138175\/revisions\/148174"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/119354"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Former SEC official weighs in<\/h2>\n