- In the ongoing legal dispute between Binance and the U.S. Securities and Exchange Commission (SEC), a critical hearing has been scheduled for today, October 12.
- According to several petitions dated October 11, Judge Amy Berman Jackson has signed multiple orders to clear Binance’s lawsuit petitions against the U.S. SEC.
- Judge Jackson has also accepted requests for attorneys Jeremy Gray, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba to represent their clients.
A critical day in the Binance and SEC case: The hearing will take place today! What are the details and latest developments about the case?
Binance vs. SEC: Critical Hearing Today!
In the ongoing legal dispute between the world’s largest exchange, Binance, and the U.S. Securities and Exchange Commission (SEC), a critical hearing is scheduled for today, October 12. This hearing will take place at 18:00 UTC (21:00 GMT+3). Additionally, Judge Amy Jackson issued multiple orders to clear pending petitions, including an amicus curiae paper in this lawsuit, in which Circle, the issuer of USDC, is entering a crucial stage.
According to several petitions dated October 11, Judge Amy Berman Jackson has signed multiple orders to clear Binance’s lawsuit petitions against the U.S. SEC. Judge Jackson accepts Circle Internet Financial, the issuer of USDC, as an amicus curiae without taking sides for rejecting Binance and CZ’s lawsuit petitions.
The USDC issuer claims that stablecoins are not securities, the SEC lacks authority over payment stablecoins, and legal and practical interests support the SEC’s authority over payment stablecoins.
According to another court order, “A paper by an amicus submitted in the future may only be accompanied by two pro hac vice requests and must explain why the amicus or its participation is necessary if it reiterates a position already accepted in previous amicus papers. Most importantly, the court reminds that an amicus paper can only participate in oral arguments with the court’s permission.
Judge Jackson also accepted the requests for attorneys Jeremy Gray, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba to represent their clients. However, lawyers or members of their firms must complete CM/ECF training, obtain a CM/ECF username and password, and agree to electronically file documents.
Binance Attempts to Dismiss the SEC Lawsuit
Binance and CEO Changpeng “CZ” Zhao have requested the dismissal of the SEC lawsuit. The defendants claim that the agency has overstepped its authority. The SEC has made a series of allegations, including the misuse of customer funds, misleading investors and regulators, and violating securities rules. Other crypto companies, such as Coinbase, are also seeking the dismissal of the lawsuit, claiming that the SEC’s attempts to gain authority over the industry should be rejected.
