NewsletterBinance Vs SEC Lawsuit Update: Binance.US Files Unopposed Motion For Continuance
Binance.US has requested the court to delay the scheduled hearing on the dismissal of the lawsuit by the U.S. Securities and Exchange Commission (SEC).
Judge Amy Burman Jackson set a public hearing for January 18 on a Binance.US motion to dismiss, supported by Binance and CEO Changpeng ‘CZ’ Zhao. The hearing will be monumental as multiple crypto companies claim unauthorized efforts by the SEC to regulate the crypto industry.
Binance.US Lead Counsel Unavailable for the Hearing
According to the latest court filing, BAM Trading Services and BAM Management US Holdings (Binance.US) have filed an unopposed motion for continuance until January 19, 2024.
Binance.US seeks the court to hold a hearing on January 19 instead of January 18 as the lead counsel is unavailable. Counsel for the Securities and Exchange Commission (SEC) is notified and both parties are available to attend the hearing on January 19, 2024.
“The requested continuance is made in good faith, and will not cause any delay or prejudice. Furthermore, good cause exists for the requested continuance until January 19, 2024, because the continuance would resolve the scheduling conflicts described above,” as per the defendants.
On October 24, Judge Amy Jackson set hearing on the motions to dismiss the U.S. SEC’s complaints against all Binance, Binance.US, and CEO CZ. Defendants and amici curiae are set to take on the SEC for its overreach in regulating the crypto and deeming the violation of securities laws irrational.
In opposition to the motion, the SEC claims Binance.US’ motion to dismiss the lawsuit must be denied by the court due to securities violations under the Howey test and investment contract rules including illegally listed unregistered securities in the form of crypto. Also, the SEC also refused to accept overreaching to regulate the crypto industry, claiming to protect investors under the existing securities laws.
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