{"id":223439,"date":"2024-01-04T13:05:46","date_gmt":"2024-01-04T07:35:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=223439"},"modified":"2024-01-04T13:05:46","modified_gmt":"2024-01-04T07:35:46","slug":"us-sec-argues-terra-ruling-relevant-in-binance-binance-us-cz-lawsuit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-sec-argues-terra-ruling-relevant-in-binance-binance-us-cz-lawsuit-crypto-news\/","title":{"rendered":"US SEC Argues Terra Ruling Relevant In Binance, Binance.US, CZ Lawsuit – Crypto News"},"content":{"rendered":"

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In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US, and former CEO Changpeng \u2018CZ\u2019 Zhao, the securities regulator filed the recent summary judgment in <\/span>SEC<\/span><\/a> v. Terraform Labs (finding that UST and LUNA were securities) as <\/span>supplemental<\/span> authority in their case against <\/span>Binance.<\/span><\/p>\n

Binance Vs US SEC: Terra Lawsuit Decision As Supplement Authority<\/h2>\n

Plaintiff U.S. Securities and Exchange Commission (SEC) has filed a notice of supplemental authority with the court, as per the latest filing with the court dated January 3. The SEC requests the court to consider ruling in SEC v. Terraform Labs\u00a0<\/em>in this case against defendants Binance, Binance.US, and CZ have similar arguments.<\/p>\n

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\u201cThe opinion is accordingly relevant to the court\u2019s consideration of defendants BAM Trading Inc.\u2019s and BAM Management US Holdings Inc.\u2019s motion to dismiss, asserts the SEC in the filing. Also, the SEC claims the Terra ruling addresses the state to deny motions to dismiss the lawsuit.<\/p>\n

The SEC claims that the court in Terra case addressed the definition of \u201cinvestment contract\u201d to reject the defendants\u2019 efforts to \u201ccast aside decades of settled law\u201d and that an investment contract doesn\u2019t mean a contract, transaction, or scheme.<\/p>\n

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In addition, the court applied \u2018Howey Test<\/a>\u2018 to rule UST, LUNA, wLUNA, and MIR as investment contracts, therefore, are securities. SEC said it is relevant for Binance\u2019s stablecoin BUSD, staking service, BNB Vault, and simple earn program.<\/p>\n

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Furthermore, the court granted summary judgment to the SEC on its claim that defendants violated Section 5 of the Securities Act of 1933 and are not entitled to exemption under Regulation S due to selling securities to US investors.<\/p>\n

In December, the SEC tried bringing supplemental authority<\/a> from the Binance-DOJ guilty plea and settlement into the Binance lawsuit. Binance and CZ hit back at SEC for bringing irrelevant and impermissible aspects in completely distinct case.<\/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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In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US, and former CEO Changpeng \u2018CZ\u2019 Zhao, the securities regulator filed the recent summary judgment in SEC v. Terraform Labs (finding that UST and LUNA were securities) as supplemental authority in their case against Binance. Binance Vs US SEC: Terra […]<\/p>\n","protected":false},"author":2,"featured_media":160606,"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-223439","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\/223439","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=223439"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/223439\/revisions"}],"predecessor-version":[{"id":223441,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/223439\/revisions\/223441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/160606"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=223439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=223439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=223439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}