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As you may remember, the SEC accused Binance, the world's largest cryptocurrency exchange, of violating securities laws and filed a lawsuit last June.
While the hearing of the Binance-SEC case was held today, Binance asked federal Judge Amy Berman Jackson to withdraw the case filed by the SEC.
Among the information received was that the judge forced Binance lawyers with questions, while Blockworks journalist Casey Wagner shared the developments regarding the case.
The judge asked Binance lawyers to present their arguments on whether the cryptocurrencies on the platform are securities in the face of the SEC's allegations.
Judge Berman also asked Binance lawyers whether any court had expressly accepted their view that the cryptocurrencies mentioned in the case were not securities.
Judge Berman, who challenged Binance lawyers with his questions, said:
“We will waste a lot of time if we examine the Howey factors here.
It has been claimed and you say again that these are not an investment contract. I heard. I appreciate it… but this point doesn't need to be underlined.
I don't think the government has ever said that digital currency is always a security.
“The laws here focus on the integrity of the conditions, how it is sold, how it is marketed.”
Judge Berman also asked about the distinction in the XRP case. Binance lawyers stated that they agreed with the judge's decision on Ripple and said that the Terra (LUNA) decision was wrong:
“Obviously we agree with the Ripple decision.
However, we do not agree with Terraform's decision. Because in its decision, Terraform says that secondary sales can be investment contracts because the proceeds from the sale return to the blockchain. That was the reason. “The court's decision is wrong in this respect.”
Judge asks about SDNY distinction between institutional initial offering and secondary sales (XRP case)
Binance: "We obviously agree with the Ripple decision."
— Casey Wagner (@caseywagnerr) January 22, 2024
*This is not investment advice.