In the ongoing legal dance between the Securities and Exchange Commission (SEC) and crypto giant Binance, a recent move has caught everyone’s eye. Judge Amy Berman Jackson, overseeing the case against Binance, CEO Changpeng Zhao, and Binance.US, has given a thumbs-up for amicus briefs by Administrative Law Scholars and the New Finance Institute.
This could be the key to settling the lawsuit, as the sticky issues between Binance.US and the SEC seem to be getting sorted.
Amicus Insights: Adding a New Angle
On November 20, 2023, Judge Jackson not only said yes to the motions by Administrative Law Scholars and the New Finance Institute but also paved the way for them to back the SEC’s opposition to Binance and Binance.US’s motion to dismiss. These experts believe their arguments will bring a fresh perspective to the case.
The New Finance Institute (NFI) is not just in the SEC’s lawsuit against Binance; they’re also in the ring for the Coinbase case. Asking for more time in the four-hour arguments, NFI says their arguments are different from the SEC’s. But Coinbase and the SEC think otherwise, saying the amici’s points are covered in their own detailed briefs.
Also Read: Binance vs SEC: Joint Motion Filed for Protective Order
Keeping Secrets Safe
As a positive step, Binance and the SEC joined hands for a protective order. The aim? To keep confidential info safe as per the June 17 consent order. This shows they’re working together to figure out document discovery and depositions, moving towards settling their differences.
Dates to Watch
Circle January 19, 2024, on your calendar. Judge Jackson has set the scene for a public hearing on Binance.US’s motion to dismiss, backed by Binance and CEO Changpeng Zhao. This hearing is crucial in deciding if they go for a quick judgment or a possible settlement.
Beyond the legal talk, the SEC’s lawsuit against Binance and Binance.US is a big deal that could shape how the U.S. deals with cryptocurrency. Recent nods, like allowing amicus briefs and the protective order, hint at a possible resolution.
Keep an eye out for more updates as this crypto legal drama unfolds.
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