In addition to the substantive changes to the original filing, the US Securities and Exchange Commission ( SEC ) has filed an amended complaint against Binance in the District of Columbia.
The amendment, approved this morning, includes a motion under Federal Rule of Civil Procedure 15 ( a ) ( 2 ), accompanied by a memorandum explaining the reasons for the changes, a proposed amended complaint, and a redline version highlighting the alterations.
Paul Grewal, Chief Legal Officer at Coinbase, commented on the SEC’s amended issue via social media. He noted, highlighting Footnote 6 of the amended problem, that” the SEC regrets any distress it may have invited by falsely and constantly stating that cryptocurrencies themselves are assets.” He questioned the SEC’s historic place, stating,
The SEC “absolutely “maintained” that tokens themselves are stocks, as demonstrated by the campaign’s long history of token legislation. Why mislead the Court”?
Grewal shared an collect from the problem, which clearly states the SEC’s acceptance of regret.
Grewal also criticized the SEC’s handling of Ethereum ( ETH) transactions, noting how little the organization’s approach has changed since then in relation to other digital assets being looked at.
He remarked,
Apparently, ETH deals have changed in a significant way that the Ten Crypto Assets have not done so as to escape the company’s handbags. How? That’s obviously up to the SEC, and the rest of us will only learn that if and when we are sued.
Per the amended complaint, the filing references additional documents, including an order denying the defendants ‘ motion to dismiss in a related case, SEC v. Payward, Inc. ( Kraken ). Binance and its co-defendants have been given legal dates, with the parties required to respond by October 11 by filing a recognize of acceptance or filing an opposition activity.
In response to criticisms regarding regulation clarity, legal analysts believe the SEC’s act may serve as an effort to bolster its case. Participants in the sector have been voicing concerns about the agency’s police activities because they lack clear guidelines for what constitutes a protection in cryptography.
The SEC has pressed Binance to comply with its governmental requirements, alleging that the system ran unregulated securities exchanges and misled investors. The change has consistently refuted these claims, citing its commitment to strict regulations and cooperation with them.
The SEC’s amended complaint’s response deadline for Binance and its co-defendants sets the stage for a substantial legal fight before the US election, where crypto legislation is becoming extremely important.
The demand for regulatory clarity in the sector is growing, with some people urging clear guidelines rather than imposing punitive penalties as the main form of regulation.