The United States Securities and Exchange Commission (SEC) has filed an amended complaint against Binance in the District of Columbia, including procedural updates and legal changes to the original complaint.
The amendment was approved pursuant to a motion pursuant to Federal Rule of Civil Procedure 15(a)(2), accompanied by a Mnemonics explaining the reasons for the change, a proposed amended complaint, and an annotated version, specifying the changes.
Paul Grewal, chief legal officer at Coinbase, spoke out about the SEC’s amended complaint, noting that the regulator expressed “regret” for falsely claiming that crypto Token were Capital securities, citing Footnote 6 of the amended complaint. He also questioned the SEC’s long-standing stance, writing:
“The SEC has established that crypto Token are securities, as is evident from their long history of regulatory enforcement. Why mislead the Court?”
Grewal Chia an excerpt from the complaint, in which the SEC admits regret for previous statements.
Additionally, Grewal also criticized the SEC’s approach to Ethereum (ETH) transactions, noting that the agency failed to draw a clear distinction between ETH transactions and other regulated digital assets.
“Somehow, ETH trading has moved significantly ahead of 10 other Cryptoasset and escaped the SEC’s scrutiny. But how? Obviously, the SEC knows the answer, but we can only find out if and when we are sued.”
In the amended complaint, additional documents have been attached, including the defendants' decision to decline to dismiss the case in a related case, SEC v. Payward, Inc. (Kraken).
Binance and the related defendants must respond to the SEC’s amended complaint by October 11, with the ability to object or agree to the move.
Binance is facing pressure from the SEC , which accuses the platform of operating unregistered securities exchanges and defrauding investors. Binance has repeatedly denied the allegations, affirming its commitment to compliance and cooperation with regulators.
Many legal experts say the SEC’s move to amend the rules is intended to bolster its argument amid growing criticism of regulatory transparency. The agency has come under scrutiny from industry players, many of whom say the SEC lacks clear guidance on what defines a security in the cryptocurrency space.
Join Telegram: https://t.me/tapchibitcoinvn
Follow Twitter (X): https://twitter.com/tapchibtc_io
Follow Tiktok: https://www.tiktok.com/@tapchibitcoin
Annie
According to Cryptoslate
