In the latest development in the U.S. Securities and Exchange Commission (SEC) against Binance Holdings, Binance.US, and co-founder Changpeng “CZ” Zhao, BAM Trading (Binance.US) seeks court’s approval on engaging multiple attorneys amid efforts by Binance to dismiss the US SEC v. Binance Holdings lawsuit.
Binance’s subsidiary Binance.US wants multiple new attorneys to join them in the SEC lawsuit, according to the latest filings with the U.S. District Court for the District of Columbia.
Five attorneys Sheehan H. Band, Levi Giovanetto, Daniel J. Davis, Christian Kemnitz, and David Luger have filed separate notices of appearance with the court on behalf of BAM Management US Holdings and BAM Trading Services (Binance.US).
The attorneys have experience in representing clients facing investigations by the SEC, CFTC, or DOJ or complex class-action lawsuits. Notably, Davies was General Counsel at the Commodity Futures Trading Commission (CFTC).
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The defendants Binance Holdings, Binance.US, and co-founder Changpeng “CZ” Zhao requested Judge Amy Berman Jackson to dismiss the lawsuit with prejudice. The defendants argue the SEC has failed to plausibly allege any investment contract and securities law violations.
The SEC has come up with a contorted interpretation of the Howey Test, claiming that any investment with or without an investment contract comes under securities laws. Also, the SEC remained on the sideline for years and now seeks authority over the crypto industry without Congress’ authorization.
Meanwhile, the SEC is also procedurally improper and impermissible in attempting to introduce Binance’s $3.4 billion settlement with the US Department of Justice (DOJ) in the civil lawsuit. Attorneys representing Binance and CZ argued the settlement had no relevance to the SEC’s irrational claims.
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