CoinDesk Managing Editor of Global Policy and Regulation Nikhilesh De breaks down the details of a new filing from the U.S. Securities and Exchange Commission (SEC) that pushes back against Binance's efforts to dismiss the lawsuit from the regulator.
Companies, Finance and Binance us filed to dismiss the lawsuit. Uh Basically saying I'm making a number of arguments ranging from, you know, they don't believe that the SEC has quote, possibly alleged that they are listing unregistered securities as well as arguing a little bit on the major questions doctrine, which is a Supreme court ruling saying that federal agencies basically can't overstep their bounds without congressional approval. The SEC is saying that these arguments are uh in its words, distorted and tortured, basically saying that, uh you know, it does not agree that it has not plausibly alleged that there are securities listed on Binance. Uh The S DC claims that, you know, it went to the detail and it opened with a quote from a Binance uh executive who said at some point that they are operating a unregistered securities exchange. Um But actually, I gotta say a very kind of uh literary type of filing compared to what I usually see from the, from federal regulators. Uh There was a lot of, you know, kind of, uh you know, little narrative details that um were clearly meant to be more of a, you know, almost a storytelling vibe. Um not here nor there, but just an interesting aside. Um But yeah, no, the SEC is, give examples. Well, it started with uh you know, that um there was a whole part where they were saying that, you know, B and CZ uh the founder uh had, you know, created this entire plan to try and avoid us regulators and that follow up. But, well, here we are, you know, just these little details that are like, again, not something you normally see in a federal filing of this nature. They literally said, here we are, yeah, yeah, quite literally literally said here we are, here we are. There might not have been a comma but yes.