{"id":174158,"date":"2023-10-14T17:18:29","date_gmt":"2023-10-14T11:48:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174158"},"modified":"2023-10-14T17:18:29","modified_gmt":"2023-10-14T11:48:29","slug":"judge-faruqui-unconvinced-with-binance-and-sec-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/judge-faruqui-unconvinced-with-binance-and-sec-crypto-news\/","title":{"rendered":"Judge Faruqui Unconvinced With Binance And SEC – Crypto News"},"content":{"rendered":"

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Magistrate Judge Faruqui is not convinced by recent efforts by the plaintiff U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings, Binance.US, and CEO Changpeng \u201cCZ\u201d Zhao to resolve disputes. The Joint Status Report<\/em> submitted by both parties indicates a lack of interest to work on mitigating disputes related to document discovery and depositions.<\/p>\n

Meanwhile, Paradigm Operations filed an amicus brief supporting Binance\u2019s motion to dismiss the lawsuit by the U.S. SEC as the securities regulator lacks authority on crypto.<\/p>\n

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Judge Faruqui Gives More Time to Binance and US SEC<\/h2>\n

According to the latest filings with the court late October 13, Magistrate Judge Zia M. Faruqui gives more time Binance, Binance.US, and CEO Changpeng \u201cCZ\u201d Zhao as well as the U.S. SEC. He asked to cooperate on required document discovery and depositions as per the earlier consent order.<\/span><\/p>\n

Binance, Binance.US, and CEO CZ, along with the U.S. SEC submitted the joint status report<\/a> on Wednesday, but Magistrate Judge Faruqui wasn\u2019t convinced with both parties. The plaintiff and defendants have failed to reach any conclusion on discovery requests. <\/span><\/p>\n

The SEC argues BAM has only produced approximately 382 and refuses to provide its position on producing the remaining documents as requested by the agency under the consent order. Binance.US said the SEC has made more requests since the September 18 hearing, which are unreasonable.<\/span><\/p>\n

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Magistrate Judge Zia M. Faruqui asked both parties to submit a joint status report on October 30. Meanwhile, the SEC, Binance, and CZ will meet and discuss these requests.<\/span><\/p>\n

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Read More: Binance Vs SEC: Judge Announces Multiple Orders, Limits Amicus Curiae Filings<\/a><\/strong><\/p>\n

Paradigm Files Amicus Brief<\/h2>\n

Paradigm has once again come in support of Binance to dismiss the SEC lawsuit. Paradigm earlier pointed out<\/a> faults with the SEC\u2019s Howey Test related to investment contracts and the word \u201cscheme.\u201d Moreover, it argues that the SEC\u2019s definition of \u201cinvestment contract\u201d would apply the Securities Laws to ordinary asset sales.<\/p>\n

The Congress must provide a crypto regulatory framework to prevent the SEC from forcibly gaining authority to regulate crypto assets. Paradigm also urges the court to grant the motion to dismiss the lawsuit.<\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\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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Magistrate Judge Faruqui is not convinced by recent efforts by the plaintiff U.S. Securities and Exchange Commission (SEC) and defendants Binance Holdings, Binance.US, and CEO Changpeng \u201cCZ\u201d Zhao to resolve disputes. The Joint Status Report submitted by both parties indicates a lack of interest to work on mitigating disputes related to document discovery and depositions. […]<\/p>\n","protected":false},"author":2,"featured_media":154179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-174158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174158","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=174158"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174158\/revisions"}],"predecessor-version":[{"id":174160,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174158\/revisions\/174160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154179"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}