Breaking: SEC Cites Zakinov Vs Ripple Among Multiple Cases In Binance Lawsuit

Varinder Singh
January 24, 2024
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Binance Vs SEC: US Government Lawsuit Nullify SEC's Stance on Stablecoins Are Securities

Binance Vs SEC: Plaintiff U.S. Securities and Exchange Commission (SEC) submitted a list of court cases the securities regulator considers relevant and discussed at a hearing this week, as per a minute order by the federal judge. The SEC has mentioned four court cases, including Zakinov v. Ripple Labs suit that argues XRP qualifies as a “security” under either the California or federal securities laws.

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Binance Vs SEC: Ripple Case as Supplemental Authority

Judge Amy Jackson issued a minute order after a January 22 hearing, asking both the SEC and Binance to provide full citations for a few cases discussed in arguments that were not cited in its briefs. However, Judge Jackson stated that the cases may not be “further discussed or described, and no response to the other party’s submissions may be filed.”

The SEC has filed a notice of supplement authority pursuant to the minute order, as per the latest filing on January 23, 2024. The SEC attorneys cited four court cases and considered them important for a summary judgment in the Binance lawsuit. The citations are:

  • Owen v. Elastos Found., No. 1:19-cv-5462-GHW, 2021 WL 5868171, at *9-16
    (S.D.N.Y. Dec. 9, 2021)
  • Patterson v. Jump Trading LLC, No. 22-cv-03600-PCP, 2024 WL 49055, at *11-12
    (N.D. Cal. Jan. 4, 2024)
  • Houghton v. Leshner, No. 22-cv-07781-WHO, 2023 WL 6826814, at *2-5 (N.D. Cal.
    Sept. 20, 2023)
  • Zakinov v. Ripple Labs, Inc., No. 18-cv-06753-PJH, 2020 WL 922815, at *11-12 (N.D.
    Cal. Feb. 26, 2020)

Notably, the SEC has not yet provided a clear definition of the boundary for what it deems a security concerning virtual tokens. Judge Jackson stated that while the SEC claims all digital assets to be securities, “How are the issuers supposed to know when they cross the line?”

Meanwhile, defendants Binance, Binance.US, and Changpeng Zhao’s lawyers are yet to provide details on relevant court cases discussed at the hearing.

CoinGape earlier reported that the SEC earlier tried leveraging its win in the Terraform Labs lawsuit in this lawsuit, as well as in the securities violation case against Coinbase. Defendants filed a joint response to the SEC denying its relevance in the Binance lawsuit.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.