- Binance and the US SEC’s legal dispute reaches a critical juncture.
- Circle Internet Financial argues stablecoins are not securities, limiting SEC’s authority.
- Binance requests dismissal of SEC’s lawsuit, alleging overstepping of jurisdiction.
A crucial court proceeding in the ongoing legal dispute between Binance and the US SEC is expected today. The case has reached a critical juncture. Judge Amy Jackson has given several directives to resolve pending motions, including a friend-of-the-court brief filed by USDC issuer Circle.
On October 11, Judge Amy Berman Jackson signed several rulings that resolved pending motions in the U.S. SEC’s lawsuit against Binance, per court records. About the dismissal requests submitted by defendants Binance and its CEO CZ, Judge Jackson welcomed the input of amicus curiae Circle Internet Financial, a party that remains neutral and supports neither side.
Perpetual Legal Pursuit
Furthermore, Circle contended that stablecoins do not qualify as securities. Hence, the SEC lacks authority over them. They also asserted that legal and practical factors weaken the SEC’s claim to jurisdiction over payment stablecoins.
Furthermore, the court emphasizes that the involvement of an amicus curiae in oral argument is optional. Moreover, attorneys Jeremy Grey, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba all received approval from Judge Jackson to represent their clients on a pro hac vice basis. Nonetheless, it is mandatory for lawyers or at least one member of legal firms to undergo CM/ECF training, register for a CM/ECF user account, and agree to electronic filing.
Binance, its U.S. branch, and CEO Changpeng “CZ” Zhao have all requested the court to dismiss the SEC’s lawsuit against them. They contended that the regulatory authority has overstepped its jurisdiction. The SEC has leveled several accusations, such as the mismanagement of client funds, deception of investors and regulators, and violation of securities laws.
