SEC Aims To Amend Binance Complaint, Focusing On Third Party Crypto Asset Securities
The U.S. Securities and Exchange Commission (SEC) has revealed its intention to modify its legal complaint against cryptocurrency exchange Binance, particularly focusing on the aspect of cryptocurrencies as securities.
What Happened: This development, disclosed in a joint response to the court’s July 9 order marks a significant turn in the ongoing legal battle between the regulatory body and one of the world’s largest crypto platforms.
The SEC stated in the filing that it “intends to seek leave to amend its Complaint, including with respect to the ‘Third Party Crypto Asset Securities’ as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss.”
This move suggests that the SEC is looking to refine or expand its arguments regarding certain cryptocurrencies traded on the Binance platform.
The proposed amendment process follows a structured timeline agreed upon by both parties.
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The SEC proposes that “regardless of any pending motions, discovery will commence pursuant to the proposed agreed schedule below on the SEC’s claims that the Court held will proceed pursuant to its June 28, 2024 Memorandum and Order.”
In contrast, Binance and its co-defendants argue that this approach is premature.
Their position, as stated in the filing, is that “Until Defendants have a set of proposed amended allegations in front of them, it is premature and unreasonable for the SEC to expect them to agree to conduct merits discovery for claims on which the SEC may soon seek leave to amend its allegations.”
This disagreement highlights the complex nature of the case and the potential implications of the SEC’s proposed amendments, particularly concerning the “Third Party Crypto Asset Securities.”
The exact definition and scope of these securities remain unclear from the available information in the court filing.
What’s Next: The ongoing legal tussle between the SEC and Binance will likely be a focal point at Benzinga’s Future of Digital Assets event on Nov. 19.
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