Breaking: Binance Leverages Coinbase’s Partial Win in US SEC Case For Dismissal
Binance has officially filed a joint notice of supplemental authority in district court, citing the recent discoveries from the US SEC v. Coinbase case. Crypto exchange Coinbase secured partial victory in the lawsuit from the 3rd Circuit Court of Appeals.
Meanwhile, BNB price continues to grow with the most recent surge coming over the past 24 hours. Also, traders anticipated whether this development would trigger a rally to $1000.
Binance Files Joint Notice Against the US SEC
In a court filing late January 15, Binance and founder Changpeng Zhao filed a Joint Notice of Supplemental Authority. It informed the court of a recent conclusion drawn in the Coinbase vs SEC lawsuit. The case of Binance and the US SEC deals with the operations of the exchange platform, wherein the SEC has alleged that Binance has been operating as an exchange, broker-dealer, and clearing agency without registering with it.
This comes as Binance and founder Changpeng Zhao along with its US arm requested the court to dismiss the lawsuit. The crypto exchange argued that the SEC has failed to show how its complaint satisfies the Howey test, why its complaint against third-party tokens to move ahead, and request for disgorgement should proceed to discovery.
The exchange wants to leverage the partial victory of Coinbase in a recent judgment in the lawsuit to support dismissal of claims.
US SEC v. Coinbase Case Judgment
The US SEC has been asked to come up with a completely justified response about why it declined Coinbase’s rulemaking petition. Coinbase argued that the agency was applying existing securities laws to digital assets, and was chasing crypto platforms without telling them how they should comply with current regulations.
It was further questioned during the US SEC v. Coinbase lawsuit proceedings if the old securities laws work for digital assets, which is a booming technology. Thereby, requiring the SEC to come up with either a justifiable reason to sue crypto platforms or address their requests to develop crypto-friendly regulations.
BNB Price Analysis
BNB price is trading up 2.25% over the past 24 hours, exchanging hands at $709.55. It has surged by 3% in the last 7 days and a rise of 123.58% over the year. The market cap and 24-hour trading volume of BNB are also up by 2.31% and 20.50%, respectively.
Binance continues to grow support for crypto tokens amid the bull market. Some newly supported meme coins on Binance are DOGE, SHIB, and PEPE, with bullish speculation when it comes to their respective future prices. This new support is primarily aimed at the African region.
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