Binance.US has filed an unopposed motion for a continuance to reschedule a pivotal public hearing from January 18 to January 19, 2024, in their ongoing lawsuit with the SEC, due to the unavailability of their lead counsel.
Judge Amy Burman Jackson is set to preside over this critical hearing, which is central to the debate over the SEC’s regulatory efforts in the crypto industry.
Rescheduling Motion Amid Legal Showdown with SEC
Binance.US has filed a motion to postpone a crucial court hearing originally set by Judge Amy Burman Jackson for January 18. This hearing, pivotal to the Binance.US motion to dismiss the SEC lawsuit, involves allegations of unauthorized regulatory actions by the SEC in the crypto industry.
The request for rescheduling is due to the unavailability of Binance.US’s lead counsel on the initially scheduled date. The new proposed date, January 19, 2024, has been communicated to the SEC’s counsel, who, along with Binance.US, is available to attend the hearing on this date.
In their motion for continuance, the defendants from Binance.US asserted that their request for a rescheduled hearing date is made in good faith and will not lead to any delays or prejudice to the proceedings. They emphasized that there is a good cause for this request, as it aims to address and resolve scheduling conflicts that have arisen.
The proposed new date of January 19, 2024, is suggested with the intention of ensuring that all parties involved, including their lead counsel, can attend without any hindrance, thus facilitating a smoother and more efficient legal process.
Binance and SEC’s Legal Battle Intensifies
On October 24, Judge Amy Jackson scheduled a hearing to deliberate on the motions to dismiss the complaints filed by the U.S. Securities and Exchange Commission (SEC) against Binance, Binance.US, and their CEO, Changpeng ‘CZ’ Zhao.
The defendants, along with amici curiae, are preparing to challenge the SEC’s approach to regulating the cryptocurrency industry, contesting the agency’s interpretation of securities laws as overreaching and irrational.
SEC’s Stance on Binance’s Alleged Securities Violations
The SEC, in response to Binance.US’s motion to dismiss, insists that the lawsuit is justified based on alleged securities violations. According to the SEC, Binance.US has failed to comply with the Howey test and investment contract rules, particularly concerning the listing of unregistered securities in the form of cryptocurrencies.
The SEC is firm in its refusal to acknowledge any overreach in its regulatory actions, emphasizing its role in protecting investors under the existing securities laws.
This legal standoff depicts the ongoing tension between regulatory bodies and crypto entities, with significant implications for the future of cryptocurrency regulation and the broader financial landscape.