{"id":33379,"date":"2024-07-01T06:42:52","date_gmt":"2024-07-01T06:42:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/u-s-judge-dismisses-some-sec-charges-against-binance-allows-others-to-proceed\/"},"modified":"2024-07-01T06:42:52","modified_gmt":"2024-07-01T06:42:52","slug":"u-s-judge-dismisses-some-sec-charges-against-binance-allows-others-to-proceed","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/u-s-judge-dismisses-some-sec-charges-against-binance-allows-others-to-proceed\/","title":{"rendered":"U.S. Judge Dismisses Some SEC Charges Against Binance, Allows Others to Proceed"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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A portion of the U.S. Securities and Exchange Commission\u2019s (SEC) case against Binance and its founder Changpeng Zhao has been thrown out by a federal judge. Nevertheless, other accusations, like as those directed at the parent business of Binance.US, will continue.<\/p>\n

The District Court for the District of Columbia\u2019s Judge Amy Berman Jackson decided on Friday that the SEC\u2019s accusations against Binance regarding the initial coin offering, continuing sales of BNB, BNB Vault, and staking services, as well as the charges related to fraud and failure to register, can proceed. She allowed the motion of Binance and Zhao to drop the accusations against Simple Earn and secondary BNB sales.<\/p>\n

The SEC sued Binance<\/a>, Binance.US, and Zhao last summer, alleging that the exchanges were offering unregistered broker, trading, and clearing services for unregistered digital asset securities in the U.S. Similar charges have been brought against Coinbase, Kraken, and, most recently, Consensys and MetaMask.<\/p>\n

Judge\u2019s Rationale<\/strong><\/h2>\n

Judge Jackson noted in her order, \u201cThe Court finds these observations to be clarifying and persuasive, as the differentiation is consistent with the Supreme Court\u2019s earliest pronouncements concerning the meaning of the term \u2018investment contract\u2019 buried within the lengthy list that comprises the definition of a \u2018security.’\u201d<\/em><\/p>\n

Zhao is currently serving a 4-month sentence for a sanctions violation charge brought by the Department of Justice and the Treasury Department. The SEC\u2019s case against him is separate from this criminal charge.<\/p>\n

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The judge cited Judge Analisa Torres\u2019 2023 ruling in the SEC\u2019s case against Ripple Labs in granting Binance\u2019s motion to dismiss the secondary BNB sales claim. She emphasized that the economic reality of the tokens\u2019 transactions mattered to the application of securities law.<\/p>\n

Judge Jackson rejected arguments that the SEC can\u2019t bring enforcement actions against crypto entities under the \u201cmajor questions doctrine,\u201d which states that Congress must direct federal agencies\u2019 authorities when it comes to significant industries. She wrote, \u201cThe Court has not been given grounds to find that the industry, while important, has the broad reach that has motivated courts to apply the doctrine to other industries.\u201d<\/em><\/p>\n

A hearing has been scheduled for July 9.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) A portion of the U.S. Securities and Exchange Commission\u2019s (SEC) case against Binance and its founder Changpeng Zhao has been thrown out by a federal judge. Nevertheless, other accusations, like as those directed at the parent business of Binance.US, will continue. The District Court for the […]<\/p>\n","protected":false},"author":34,"featured_media":33380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33379"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33379"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33379\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33380"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}