Binance Vs SEC: Judge Announces Multiple Orders, Limits Amicus Curiae Filings
In the ongoing legal clash between the world’s largest exchange Binance and the US Securities and Exchange Commission (SEC), a crucial hearing is scheduled for today, October 12. Meanwhile, Judge Amy Jackson made multiple orders to clear pending motions including an amicus brief filed by USDC issuer Circle as the lawsuit enters a crucial phase.
Judge Signs Multiple Orders in Binance Vs SEC
According to several filings dated October 11, Judge Amy Berman Jackson signed multiple orders to clear pending motions in the U.S. SEC v. Binance lawsuit.
Judge Jackson accepts Circle Internet Financial as amicus curiae in support of neither party on defendants Binance and CEO CZ’s motions to dismiss the lawsuit. The USDC issuer claimed that stablecoins are not securities, the SEC lacks authority on payment stablecoins, and legal and practical stakes underscore the SEC’s authority over payment stablecoins.
“Any future motion for leave to file an amicus brief may be accompanied by no more than two motions to appear pro hac vice and must explain why the brief would be helpful or necessary, if it sets forth a position already taken in prior amicus briefs filed in this case,” as per another minute order.
Further, the court reminds that an amicus curiae may participate in oral argument only with the court’s permission.
Judge Jackson also granted motions for leave of attorneys Jeremy Gray, Mark W. Rasmussen, Heath P. Tarbert, Eric Tung, and Daniel Kaleba to appear pro hac vice for their clients. However, lawyers or at least one member of the lawyers’ firms are required to undergo CM/ECF training, obtain a CM/ECF username and password, and agree to file papers electronically.
Binance Seeks To Dismiss the Lawsuit
Binance, its U.S. arm, and CEO Changpeng “CZ” Zhao filed a motion to dismiss the SEC lawsuit. Defendants claimed that the agency overstepped its authority.
The SEC alleged a range of allegations, including mishandling customer funds, misleading investors and regulators, and violating securities rules. Other crypto firms such as Coinbase are also looking to dismiss the lawsuit alleging that the agency’s attempts to gain authority over the crypto industry.
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