Exploration in the Binance-SEC Legal Saga and Its Implications for the Market
A prominent legal expert specializing in cryptocurrencies has assessed the recent progression in the Binance vs. SEC case.
Author:
Mete Demiralp
June 30, 2024 – 5:02 PM
Update:
7 seconds ago
0
A significant turn of events emerged in the ongoing legal clash between Binance and the US Securities and Exchange Commission (SEC). A well-known legal figure in the crypto industry, operating under the alias MetaLawMan, has provided insights into the latest court ruling.
According to MetaLawMan, Judge Jackson’s decision heavily draws from Judge Torres’ rationale in the Ripple case. By declining the SEC’s claims related to secondary market transactions, the judge pointed out that the complaint lacked sufficient evidence to establish a valid inference aligning with the Howey test for an investment agreement.
MetaLawMan emphasized the judge’s critique of the SEC’s standpoint, noting that the agency’s argument fails to offer clear guidelines distinguishing between securities and non-securities tokens in the market, leaving stakeholders in a state of uncertainty.
Furthermore, the judge rebuked the SEC for its inconsistent stance during the court proceedings, showing ambiguity regarding the enduring nature of assets sold as securities.
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This ruling bolsters Coinbase’s assertion that an immediate appeal of Judge Failla’s verdict is necessary, given the conflicting rulings across district courts on whether digital asset tokens traded in secondary markets are classified as securities.
Nevertheless, the judge permitted several claims related to the Binance Coin (BNB) Initial Coin Offering (ICO) and Binance’s staking services to move forward.
Despite this, MetaLawMan views the SEC’s dismissal of accusations linked to secondary market sales by third parties as a clear victory for the broader crypto sector.
*This does not constitute investment advice.
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