Binance
Court dismisses some charges, not all
Published
6 days agoon
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U.S. District Court Judge Amy Berman Jackson is allowing U.S. the Securities and Exchange Commission’s (SEC) lawsuit against Binance to proceed.
However, Judge Jackson also dismissed certain charges in the case.
The SEC accuses Binance of offering unregistered broker, trading, and clearing services for digital asset securities in the U.S.
In its ruling, the court upheld charges related to Binance’s initial coin offering (ICO), ongoing sales for BNB, BNB Vault, and staking services, as well as allegations of failure to register and fraud.
But Jackson also granted Binance’s motion to dismiss charges concerning secondary sales of BNB and Simple Earn.
The decision emphasized the evolving nature of tokens. Just because a token may have initially been considered part of an investment contract does not necessarily mean it retains that classification indefinitely.
Commenting on the ruling, Cody Carbone, chief policy officer at the Digital Chamber, highlighted the court’s clarification on the evolving nature of token classifications. He underscored the importance of distinguishing between tokens that function as securities and those that do not in today’s marketplace.
🚨🚨COURT RULES that just because a token was part of an investment contract in the past, it doesn’t mean it should always be considered a security.
Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia providing the clarity the #crypto industry…
— Cody Carbone (@CodyCarboneDC) June 29, 2024
The SEC’s approach to crypto regulation has been a subject of debate, with Judge Jackson criticizing the agency’s evolving stance and the lack of a comprehensive regulatory framework tailored to the crypto industry.
U.S. Treasury implements tax reporting requirements for crypto
Meanwhile, the U.S. Treasury Department moved forward with long-awaited tax regulations targeting cryptocurrency transactions.
Under the new rules finalized on June 28, crypto brokers, including exchanges and payment processors, are now required to report users’ sales and exchanges of digital assets to the Internal Revenue Service (IRS).
This move, part of the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act, seeks to tackle tax evasion in the crypto space.
The regulations are set to phase in from next year for the 2026 tax season. They are expected to align crypto tax reporting with existing requirements for traditional financial instruments like stocks and bonds.
Treasury officials noted adjustments were made from the original proposal to ease burdens on brokers and introduce the requirements gradually.
Lawrence Zlatkin, VP of Tax at Coinbase, welcomed the finalized regulations on X and commended the IRS for developing more practical rules focused on custodial brokers like Coinbase. He highlighted improvements in the implementation timeline and measures to prevent duplicate reporting.
Final crypto tax regs are here!
– We commend the IRS for developing more reasonable, rational rules that focus on custodial brokers, like @coinbase. The rules lay out a more practical timeline for implementation, and include a provision to prevent reporting duplication. 1/4— Lawrence Zlatkin (@LawrenceZlatkin) June 28, 2024
However, Zlatkin expressed concerns over the absence of a de minimis rule and the inclusion of non-financial transactions, advocating for rules comparable to those for traditional financial brokers.
The Treasury’s final rule also includes a provision setting a $10,000 threshold for reporting transactions involving stablecoins.
Supreme Court limits regulatory powers
In a separate development, the Supreme Court delivered a landmark ruling curtailing the executive branch’s authority to interpret laws, significantly impacting the regulatory powers of federal agencies.
The decision, which overturned the long-standing “Chevron deference” doctrine, empowers the judiciary to scrutinize agency actions more closely across various policy domains, including crypto.
It underscores a move towards greater judicial oversight, giving courts more influence over the scope and interpretation of federal agency regulations.
In response to this legal backdrop, Paul Grewal, Coinbase’s chief legal officer, took to X to highlight ongoing legal battles involving regulatory transparency.
Chevron: gone. Secondary sales in the Binance case: gone (more to say about that…). And now, late on a Friday, more stonewalling from @SECGov to stop Coinbase from obtaining documents from Gary Gensler in our litigation. 🧵⬇️
— paulgrewal.eth (@iampaulgrewal) June 29, 2024
Grewal criticized what he described as stonewalling tactics by the SEC, aimed at hindering Coinbase’s efforts to obtain documents from SEC Chair Gary Gensler as part of their litigation.
Coinbase has requested documents related to Gensler’s communications, arguing that they are crucial to revealing potential due process violations in the SEC’s enforcement actions.
This request stems from statements made by Gensler in March 2021, where he indicated the SEC’s limited regulatory authority over digital asset exchanges, a stance Coinbase believes is pertinent to their case against the regulator.
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Ripple and Coinbase Use Binance Win to Contest SEC Claims
Published
3 days agoon
July 2, 2024By
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Coinbase and Ripple Labs are using Binance’s pivotal legal victory to challenge ongoing cases with the U.S. Securities and Exchange Commission (SEC). Both companies argue that the SEC’s approach needs more clarity and consistency, necessitating formal rulemaking to better define the regulatory perimeter for digital assets.
Ripple, Coinbase Cite Binance Case Against SEC
Ripple Labs and Coinbase have intensified their legal defenses by referencing a recent court order involving Binance, which achieved a partial dismissal in its SEC lawsuit. The companies argue that this precedent highlights the need for the SEC to establish clear regulations. In its latest court filing, Ripple emphasized the judge’s remark that cryptocurrency does not align seamlessly with existing securities laws, such as those established by the 1946 Howey Test. This test is crucial for determining whether a transaction qualifies as an investment contract and thus falls under securities regulation.
Coinbase has concurrently voiced concerns over the SEC’s expansive interpretation of securities laws applied to the crypto industry. The exchange asserts that this broad application could be more extensive and better defined, pushing for a definitive rulemaking process to provide legal clarity. In its appeal, Coinbase cited the recent Binance ruling to bolster its case for rulemaking, arguing that the decision underscores the inconsistencies in current regulatory applications.
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Coinbase Demands Clarity in SEC Regulatory Battle
The SEC has engaged with various cryptocurrency platforms and assets, deeming some of their operations as securities offerings without proper registration. In the case of Ripple, the SEC’s lawsuit initiated in December 2020 alleged that Ripple raised over $1.3 billion through sales of its XRP token, which the SEC classified as an unregistered security. However, in a significant turn, Judge Analisa Torres ruled that certain “programmatic sales” of XRP did not constitute securities transactions, introducing a nuanced interpretation Ripple now seeks to leverage to challenge broader SEC claims.
Coinbase faces similar regulatory scrutiny. The SEC argues that the platform operated as an unregistered securities exchange, a claim that Coinbase refutes, urging a formal rulemaking process to clarify these regulatory boundaries. Both Coinbase and Ripple use recent judicial outcomes, notably the Binance case, to argue for a more structured and transparent regulatory framework from the SEC, stressing that the current state of affairs is inefficient and unclear.
Crypto Firms Rally Around Binance Court Decision
The partial victory for Binance in its own SEC lawsuit has become a strategic reference point for other crypto entities embroiled in legal challenges with the regulator. Despite Judge Amy Berman Jackson’s decision to proceed with most of the SEC’s claims against Binance, her dismissal of the charge regarding secondary sales of Binance Coin (BNB) as securities has been perceived as a significant legal precedent. Coinbase and Ripple have particularly highlighted this aspect of the ruling in their ongoing litigation.
Further developments are anticipated, with a scheduled conference for the SEC’s case against Binance set for July 9. Meanwhile, Coinbase and Ripple continue to press for regulatory clarity, which they argue is crucial for the industry’s stability and growth.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
Published
3 days agoon
July 2, 2024By
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Binance, a prominent cryptocurrency exchange, is celebrating a significant legal milestone in its ongoing tussle with the U.S. Securities and Exchange Commission (SEC). Binance said that a recent court decision dismissing several key SEC claims against the exchange marks a noteworthy triumph for the broader industry.
Notably, in another update, Binance.US said that it remains vigilant and is prepared for the next phases of this legal journey.
Partial Victory Against SEC
Binance has achieved a partial victory in its ongoing legal battle with the U.S. SEC, as a federal court recently dismissed several of the agency’s major claims. This ruling is seen as a significant win for the crypto exchange and the entire cryptocurrency sector.
In a blog post shared on the X platform, Binance announced, “In a victory for the industry, a U.S. federal court dismissed several SEC claims against Binance.” The post highlighted that the court ruled crypto tokens are not securities, sales of BNB on secondary exchanges were not sufficiently alleged to be securities, and Binance’s stablecoin, BUSD, is not classified as a security.
A Closer Look Into The Report
Meanwhile, the court’s decision, as detailed in Binance’s blog, rebuffed the SEC’s assertion that digital tokens are inherently securities. Notably, Judge Amy Berman Jackson dismissed this broad claim, emphasizing the need to consider the specific circumstances surrounding each transaction rather than labeling the tokens themselves as securities.
This aspect of the ruling challenges the SEC’s strategy of enforcing regulations through broad classifications, aligning instead with the principle that regulatory oversight should be based on transaction context. Moreover, the court rejected the SEC’s argument that secondary market sales of BNB tokens should be treated as securities transactions.
This decision limits the SEC’s ability to extend its enforcement reach to secondary trading activities on crypto exchanges, thereby providing a crucial check on the agency’s regulatory power. Besides, the court found that the SEC failed to demonstrate that purchasers in secondary market sales bought BNB tokens with an expectation of profit, which is a critical component of the Howey Test used to determine whether an asset qualifies as a security.
In addition, the court dismissed the SEC’s claim that Binance’s fiat-backed stablecoin, BUSD, is sold as an investment contract. The court noted that BUSD was promoted as a stablecoin without any indication that investors anticipated its value would rise due to Binance’s efforts. This decision further reinforces the position that stablecoins do not inherently meet the criteria for securities classification.
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Binance Stands Firm Amid As Legal Battle Continues
Despite the favorable rulings, some of the SEC’s claims against Binance were allowed to proceed. The court did not dismiss the SEC’s allegations that direct sales of BNB tokens may constitute securities transactions, as these claims require further examination during the judicial process.
However, Binance.US expressed readiness for the ongoing legal battle, stating in a recent X post, “We were prepared for this and look forward to having this case move forward in the judicial process.” The crypto exchange highlighted its adherence to U.S. regulations and commitment to maintaining 1:1 reserves for all customer assets.
In addition, Binance.US criticized the SEC’s regulation-by-enforcement approach, which has been perceived as politically motivated overreach under the current leadership. The exchange remains confident in its position, asserting that the SEC’s case lacks factual and legal support.
Meanwhile, Binance emphasized its intention to continue serving its customers and advancing its business, underscoring its strong footing and dedication to providing access to digital assets. As the case progresses, Binance’s partial victory is a significant step in the ongoing struggle between regulatory authorities and the evolving cryptocurrency market.
Besides, in a recent development, Coinbase has filed a notice requesting an interlocutory appeal, citing Judge Jackson’s decision in the Binance BNB case. This has also attracted the market attention, with investors keeping a close watch on the shifting crypto regulation.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance Warns Of Delisting These Tokens, Price Drop Ahead?
Published
4 days agoon
July 1, 2024By
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Binance has issued a new warning that has taken the crypto community by storm. The leading cryptocurrency exchange announced plans to extend its Monitoring Tag to 11 tokens, putting them at risk of future delisting.
Meanwhile, tokens affected include Balancer (BAL), and Cortex (CTXC), among others, while Enzyme (MLN) and Horizon (ZEN) will be removed from the risk list. Notably, this development could signal potential price volatility for the affected tokens.
Binance Adds Monitoring Tag To 11 Tokens
Binance’s recent announcement about its Monitoring Tag has sent ripples through the crypto market. As of July 1, the exchange will add several tokens, including Balancer (BAL), Cortex (CTXC), and Convex Finance (CVX), to its Monitoring Tag list.
Meanwhile, as per the announcement, tokens with this tag are considered high-risk and are closely monitored for volatility and compliance with Binance’s listing criteria. The tokens newly added to the Monitoring Tag list are:
Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), Sun (SUN).
In contrast, Enzyme (MLN) and Horizon (ZEN) will be removed from the Monitoring Tag list. This shift indicates a reassessment of the risks and stability associated with these tokens. However, Binance’s decision to tag these 11 tokens highlights their increased volatility and potential for not meeting the platform’s listing criteria in the future.
Meanwhile, according to Binance, the Monitoring Tag serves as a warning that the listed tokens are under scrutiny and may face delisting if they fail to meet specific standards. These standards include the project’s commitment, development activity, trading volume, network stability, public communication, and ethical conduct.
Binance emphasizes that the Monitoring Tag aims to maintain a healthy and sustainable cryptocurrency ecosystem.
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Price Drop Ahead?
The introduction of the Monitoring Tag for these tokens has significant implications for investors. Historically, announcements of this nature from major crypto exchanges like Binance tend to impact market sentiment and token performance. Positive announcements usually boost market confidence, while warnings and potential delistings can weigh on investors’ sentiment.
Meanwhile, the affected tokens could experience increased price volatility and reduced trading volume as investors respond to the perceived risk. Tokens under the Monitoring Tag are also subject to additional trading restrictions on Binance.
In addition, users must complete a quiz every 90 days to trade these tokens, ensuring they understand the associated risks. This additional layer of scrutiny aims to protect users and promote informed trading decisions.
The announcement underscores the importance of due diligence in the rapidly evolving crypto market. Investors must stay informed about the status and compliance of their holdings, particularly in light of such warnings from leading exchanges. In other words, Binance’s criteria for the Monitoring Tag emphasize the importance of project transparency, network stability, and ethical conduct.
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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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