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The US Securities and Exchange Commission (SEC) has recently filed civil lawsuits against Binance.US, marking another instance of regulatory enforcement inside the digital assets sector. Binance.US adamantly maintains that the complaint is without substance and promises to forcefully refute the accusations. The business is aware that it must address the growing trend of regulatory actions that affect businesses engaged in the American digital assets market.
Today, the SEC filed civil claims against https://t.co/AZwoBOgsqS in what is the latest example of regulation by enforcement under the current Commission. To be clear, we believe the lawsuit is baseless and we intend to defend ourselves vigorously. However, we want to address…
— Binance.US 🇺🇸 (@BinanceUS) June 5, 2023
Challenging the Lawsuit’s Merit
Binance.US emphasizes that it has been cooperating constructively on creating a clear and realistic regulatory framework with the SEC for almost two and a half years. The Exchange believes that the SEC’s most recent action, along with earlier lawsuits against industry players like Coinbase, Gemini, and Kraken, reflect a regulatory approach seeking to severely restrict the digital assets industry. Despite this, Binance.US remains open to reaching constructive compromises that protect customers and their digital assets.
According to Binance.US, the SEC’s complaint is unjustified in light of the facts, the law at the time, and even the Commission’s precedents. It contends that the SEC’s requested relief will ultimately hurt the very investors it is supposed to defend. Furthermore, rather than encouraging an environment for American enterprises to thrive, such regulations will stifle innovation and unfairly penalize Binance.US and the larger sector.
Overall, the exchange urges Congress to intervene and pass bipartisan legislation establishing a sustainable and practicable regulatory framework for digital assets in response to these regulatory concerns. The company emphasizes the critical need to rein in the industry’s bureaucratic expansion. Binance.US believes that without such legislative action, the United States risks damaging its position as a pioneer and innovator in the field of digital assets.