New Development in the Case Between the SEC and Binance.US and Binance Co-Founder Changpeng Zhao

There has been a new development in the case between the U.S. Securities and Exchange Commission (SEC) and Binance.US and Binance co-founder Changpeng

The U.S. Securities and Exchange Commission (SEC) is seeking to amend its complaint against Binance.US and Binance co-founder Changpeng Zhao, according to a joint status report filed with the Washington, D.C. District Court on July 30.

The SEC is seeking to amend the altcoin securities section of its complaint in response to Binance’s motion to dismiss the case regarding third-party crypto asset securities.

The court previously ruled on July 9 that the BNB token is not a security. It also noted that secondary sales of BUSD are not securities.

This provides partial relief for crypto assets listed in the SEC complaint, including Solana (SOL), Cardano (ADA), and Polygon (MATIC). However, other tokens that the SEC considers to be securities include FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

Binance states that the SEC's proposed amendment in its complaint was notified to them until 11:53 on July 29. This suggests that they are planning changes beyond the claims regarding third-party tokens.

Binance also claims that the SEC added new text to the parties that incorrectly stated that they agreed to begin the discovery process after they proposed an amendment. The following statements are made:

The defendants have not agreed to begin the discovery process. They argued that they cannot begin the discovery process without seeing the SEC’s proposed amendments.

In addition, a notice was also given that Jeremy M. Christiansen will serve as defense counsel for Binance Holdings in this important case. This development could significantly affect the course of the case.

If the court excludes claims related to third-party crypto assets, the chances of the SEC imposing a sanction on these tokens will decrease. However, if the SEC amends its complaint to add more charges, Binance's defense could face a new battle.

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