{"id":40849,"date":"2024-11-06T05:40:05","date_gmt":"2024-11-06T05:40:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-pushes-back-against-sec-in-expanded-crypto-securities-case\/"},"modified":"2024-11-06T05:40:05","modified_gmt":"2024-11-06T05:40:05","slug":"binance-pushes-back-against-sec-in-expanded-crypto-securities-case","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-pushes-back-against-sec-in-expanded-crypto-securities-case\/","title":{"rendered":"Binance Pushes Back Against SEC in Expanded Crypto Securities Case"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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In its ongoing legal struggle, Binance and its former CEO Changpeng \u201cCZ\u201d Zhao have defended the company against the U.S. Securities and Exchange Commission (SEC). Axie Infinity Shards (AXS), Filecoin (FIL), Cosmos\u2019 ATOM, The Sandbox\u2019s SAND, and Decentraland\u2019s MANA are some of the new tokens that the SEC claims should be categorized as securities. In a recent petition filed on November 4, Binance\u2019s legal team requested that the court dismiss the SEC\u2019s amended lawsuit.<\/a> With legal arguments on asset classification, Binance seeks to refute the SEC\u2019s broadened approach to crypto regulation, as shown in its amended claims.<\/p>\n

Binance Argues Tokens Do Not Automatically Classify as Securities<\/strong><\/h2>\n

In their defense, Binance\u2019s lawyers argue that the SEC\u2019s updated complaint misunderstands fundamental distinctions between securities and crypto assets. According to Binance, the SEC wrongly assumes that simply selling a token equates to a securities transaction. Instead, Binance\u2019s legal team insists that each token sale should be evaluated individually to determine if it meets the criteria of a securities transaction, arguing that \u201cthe SEC\u2019s claims fail as a matter of law.\u201d<\/p>\n

A central point of Binance\u2019s defense is the role of \u201cblind transactions.\u201d These transactions, which occur on secondary markets without a direct connection to the issuer, raise questions about the link between buyers\u2019 profit expectations and securities classification. The SEC contends that these secondary market transactions may still qualify as securities sales since buyers might assume the asset\u2019s value will increase. Binance, however, counters this, arguing that buyers on secondary markets often lack any contractual expectations for profit from the original developers.<\/p>\n

In a decisive request, Binance\u2019s legal team has asked the court to reject the SEC\u2019s claims entirely and block further amendments. They argue that the SEC\u2019s approach contradicts established legal principles, as it tries to broadly label crypto transactions as securities. Binance\u2019s attorneys assert that merely holding a speculative expectation of profit among buyers does not inherently meet the legal definition of a securities transaction.<\/p>\n

By challenging the SEC\u2019s broad classification, Binance continues to defend its operations and the legal status of numerous crypto tokens. As this high-profile case progresses, the court\u2019s decision could set significant precedents for crypto regulation and the treatment of digital assets in the U.S.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) In its ongoing legal struggle, Binance and its former CEO Changpeng \u201cCZ\u201d Zhao have defended the company against the U.S. Securities and Exchange Commission (SEC). Axie Infinity Shards (AXS), Filecoin (FIL), Cosmos\u2019 ATOM, The Sandbox\u2019s SAND, and Decentraland\u2019s MANA are some of the new tokens that […]<\/p>\n","protected":false},"author":34,"featured_media":40850,"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\/40849"}],"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=40849"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/40849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/40850"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=40849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=40849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=40849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}