Binance used ‘tortured’ interpretation of law in bid to toss suit, says SEC

Binances arguments used in its movement to dismiss a lawsuit from the United States securities regulator relies on an incorrect legal analysis and have no basis in law, the regulator has argued.In a Nov. 7 court filing the SEC rebuffed Binances earlier quote to toss the regulators suit saying no court has adopted Binances “tortured interpretation of the law.” The SEC took legal action against Binance in June alleging it, Binance.US and its founder Changpeng “CZ” Zhao failed and offered unregistered securities to register as an exchange in the United States. Binance argued the SEC failed to introduce crypto standards, misinterpreted securities laws and applied them to crypto and called the match an overstep of its authority.In its newest rebuttal, the SEC declared Binance “never complied” with federal securities laws which was “a purposeful choice.”” Binances Chief Compliance Officer crudely but succinctly summed up this case when he confessed that Binance was operating as a fking unlicensed securities exchange in the USA brother. He was right.” It included Binances arguments that compared crypto to “supermarket items like oranges […] are unreasonable” and declared the crypto exchanges crypto sales are financial investment agreements under the Howey test.Related: SEC Inspector General says prohibition on crypto ownership prevents agency hiringThe regulator restated its claims the BNB (BNB) preliminary coin offering breached securities laws and Binance USD (BUSD) in addition to the yield-bearing staking, Vault and Earn programs are investment contracts.Highlighted excerpt of the SECs arguments claiming Binance offered unregistered securities from unregistered exchanges in the U.S. Source: CourtListenerIt likewise rebuffed Binances argument that the fit broke the significant concerns teaching– a 2022 U.S. Supreme Court ruling saying Congress doesnt hand over authority to companies, which other crypto firms have actually pointed out in their objective to press back on the SECs claimed authority.The SEC declared approving Binances dismissal request would “dismantle years of fundamental precedent upon which the nations securities laws operate” and in its place would be a “stiff structure” that overthrows the “broad, flexible routine” of the existing laws.Magazine: The reality behind Cubas Bitcoin revolution– An on-the-ground report

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