US SEC Amends Original Complaint Against Binance, Ripple CLO Reacts
Highlights
- US SEC filed a motion to amend the original complaint regarding "crypto asset securities" in Binance lawsuit.
- The SEC regrets using crypto asset securities and agrees that 10 tokens are not securities in themselves.
- Coinbase CLO Paul Grewal explained the SEC will continue to challenge securities allegations against the 10 tokens.
In the latest development in the U.S. SEC lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao, the government agency requested the court to amend its complaint. The filing came in response to a district court order denying crypto exchange Kraken’s motion to dismiss in SEC v. Payward case. Ripple CLO Stuart Alderoty reacts as the agency regrets using “crypto asset securities” in cases and agrees that 10 tokens are not securities in themselves.
US SEC Files to Modify Complaint in Binance Case
In the latest District Court of Columbia filing in SEC vs Binance, the plaintiff the U.S. Securities and Exchange Commission filed a motion for leave to amend the original complaint regarding “crypto asset securities.”
The regulator has submitted the proposed amended complaint (PAC), a redline comparing the PAC to the original complaint, and, for the court’s reference because it is not yet published on widely available legal databases, the order denying defendants’ motion to dismiss in Kraken vs SEC lawsuit.
Binance is required to file either an opposition or notice of their consent to the SEC’s request by October 11 this year. The agency will continue its regulation by enforcement approach to assert control over the crypto industry.
Coinbase & Ripple CLOs React to SEC Filing
Coinbase chief legal officer (CLO) Paul Grewal took to X and shared a footnote in the proposed amended complaint by the SEC against Binance. He pointed out that “The SEC regrets any confusion it may have invited” by falsely and repeatedly stating that 10 tokens including SOL, ADA, MATIC are securities in themselves.
He mentioned Ripple CLO Stuart Alderoty in the post citing a notable shift in the SEC’s approach or clarification on its stance regarding the use of the term “crypto asset securities.” Recently, Ripple CLO challenged the thinking of regulators against crypto regarding money laundering.
He further added that ETH has somehow come out of the SEC’s scrutiny but the 10 tokens have failed to avoid the regulator’s nuanced approach towards crypto. The agency will continue to allege the 10 crypto assets at issue in secondary markets and also that they are sold as investment contracts.
Ripple CLO Stuart Alderoty reacted and said “crypto asset security” is a made-up term. The government agency continued to manipulate the courts with its twisted terms instead of providing clarity.
So the SEC finally admits that 1/ "crypto asset security" is a made up term and 2/ to prove a "crypto asset security" is an investment contract, the SEC needs evidence of a bundle of "contracts, expectations, and understandings"?
Think it's time for @SECgov to admit it has… https://t.co/iJIYTnNvxs pic.twitter.com/E58Pft7irc
— Stuart Alderoty (@s_alderoty) September 13, 2024
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
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.
