- The U.S Chamber of Digital Commerce moves to dismiss the Securities and Exchanges Commission lawsuit against Binance.
- The chamber condemned the regulatory approach adopted by the SEC.
- The court has been implored to establish precise limits regarding securities.
The United States Securities and Exchange Commission and cryptocurrency exchange Binance have been in a year-long conflict marked by high-stakes lawsuits and allegations. Both parties have relentlessly presented compelling arguments to assert their dominance.
Recent developments hint at potential victory for Binance, as a world-leading blockchain advocacy group throws its weight behind the exchange in the ongoing legal dispute.
Binance Nears Victory?
In an Amicus brief filed on October 19th, the U.S Chamber Of Digital Commerce has expressed its support for the dismissal of the SEC lawsuit against Binance, CEO Changpeng “CZ” Zhao, and affiliates.
The chamber condemned the SEC’s ‘opaque regulation-by-enforcement approach,’ highlighting the commission’s failure to engage digital assets through an administrative process, hindering innovation and market growth and negatively impacting consumers.
Sponsored
The subject of securities was another point for discussion. While The Chamber agrees that ‘investment contracts’ with fundamental characteristics of securities should be under the SEC’s jurisdiction, they argue that tokens that previously represented such contracts but are no longer linked to the investment opportunity promoted by the issuer should not be classified as securities.
They argue that the SEC should have obtained proper authorization from Congress instead of trying to expand its regulatory and enforcement jurisdiction through actions such as this.
The group now seeks the lawsuit’s dismissal, underscoring the SEC’s excessive authority and calling on the court to establish clear boundaries.
To better understand the ongoing legal battle involving Binance and the SEC, read here:
SEC’s Sealed Binance Court Filing: A Criminal Probe?
Crypto firms are bolstering security to combat crypto hacks. Read more on Atomic Wallet’s clamp down on a threat actor:
Atomic Wallet Freezes $2M In Suspicious Crypto Transactions
