Binance US responded to the court’s decision to allow the SEC lawsuit to proceed, expressing confidence in its position and criticizing the SEC’s regulatory approach. “We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to wield in bringing its action against us,” Binance US stated.
Binance US Responds to Court Decision on SEC Lawsuit
Binance US addressed the court decision on the SEC lawsuit via social media platform X on Monday. The U.S. District Court for the District of Columbia issued an order on Friday allowing the case filed by the U.S. Securities and Exchange Commission (SEC) against Binance US to proceed.
“On Friday, the Court decided that the SEC’s case against Binance US will continue. We were prepared for this and look forward to having this case move forward in the judicial process,” Binance US wrote. “From here, the case will move to further discovery. Notably, the SEC has yet to identify any evidence of wrongdoing on the part of Binance US throughout the extensive, 11-month discovery process in which we have participated to date.”
The crypto exchange continued:
We remain confident in our position that the SEC’s case is unsupported by the facts or the law, and that the Commission lacks the very authority it is seeking to wield in bringing its action against us. We believe this position will be validated by the Court in due course.
Binance US further explained: “We maintain 1:1 reserves for all customer assets and have robust compliance and risk programs which ensure the safety, security, and integrity of our platform. We have always utilized the limited guidance that the SEC has offered to the crypto industry to operate our business in a compliant way. It is unfortunate that we, like many companies in our industry, have fallen victim to the SEC’s regulation by enforcement approach and politically motivated overreach under its current leadership.”
While the U.S. District Court for the District of Columbia allowed the lawsuit to proceed against Binance US, it dismissed SEC allegations related to secondary BNB sales and the sale of the stablecoin BUSD. Last week, Consensys Software also expressed confidence that the SEC lacks authority to regulate software interfaces like Metamask and stressed that it will fight the SEC’s lawsuit. The regulator alleges that Consensys engaged in the unregistered offer and sale of securities through Metamask staking and operated as an unregistered broker through Metamask staking and Metamask swaps.
What are your thoughts on Binance US’ response to the SEC lawsuit? Do you think the SEC will lose this legal battle? Let us know in the comments section below.
Source: Bitcoin
