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Crypto Industry Braces for Binance’s Response To SEC’s Sealed Filing

source-logo  coinedition.com 11 September 2023 14:20, UTC

The crypto community closely watches as Binance’s hearing in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) inches closer. Today is the last day for the crypto giant to respond to the SEC’s motion to file sealed documents, and to the regulator’s opposition to the protective order sought by the exchange.

Crypto influencer Tony Podlaski took to X (formerly Twitter) earlier today to comment on the highly anticipated hearing scheduled for later today. Podlaski pointed out that today would be the last chance for Binance to respond to both matters. The influencer added that in case the protective order is denied and a sealed motion is granted, a lot of information about the case would be made public.

Rho Rider, a member of the crypto community on X chimed in and highlighted that despite being separate matters, the protective order and the sealed documents were linked last week after both parties filed a joint stipulation. This meant that Binance could oppose the SEC’s objection to the protective order while simultaneously not opposing the motion to file documents under seal.

“From what I understand there’s a chance the secret docs could be related to a witness, who maybe Binance would prefer to be public to help their case. Or maybe statements are in there they think help them,” Rider added.

The protective court order in question was filed by Binance last month in a bid to stop the SEC’s repeated requests for information. The filing by BAM Trading, Binance U.S.’ operating company, and BAM Management in Columbia District Court described the regulator’s requests as “overbroad” and “unduly burdensome.” This was followed by a sealed motion submitted by the SEC, which included more than 35 exhibits.