Binance vs. SEC: Paradigm Files Amicus Brief as Judge Extends Case Timeline – Coinpedia Fintech News

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Both SEC and Binance must comply with the court’s consent order on document discovery and depositions.
The SEC alleges that Binance is withholding information, while Binance.US argues that the SEC’s demands are unreasonable.
Paradigm has filed an amicus brief supporting Binance’s motion to dismiss the SEC’s complaint.
Most recently, the legal battle involving Binance.US, CEO Changpeng “CZ” Zhao, and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. The battle to resolve their differences is ongoing, requiring an extension of the proceedings.
Reports from both the defendants and the SEC, known as Joint Status Reports, reveal that their attempts to settle disputes related to document discovery and depositions have fallen short. Amid this standoff, Paradigm Operations has entered the scene, filing an amicus brief to support Binance’s motion to dismiss the SEC’s complaint. Their argument centers on the SEC’s jurisdiction over cryptocurrencies.
In the most recent court filings, dated late October, Magistrate Judge Faruqui has extended the legal proceedings for Binance, Binance.US, CEO CZ Zhao, and the SEC. The judge has requested that they comply with the requirements outlined in the court’s previous consent order concerning document discovery and depositions.
During a joint status report presentation on Wednesday, Magistrate Judge Faruqui expressed disappointment with both parties. They have failed to reach an agreement on the matter of discovery requests.
Also Read: Binance.US Enhances Transparency in Listing Process Amid Legal Challenges
The SEC alleges that Binance has only provided 382 documents and is withholding information about how they plan to fulfill the agency’s request for the remaining records as per the consent order. In response, Binance.US argues that the SEC has imposed unreasonable demands since the hearing on September 18.
To back Binance’s attempt to dismiss the SEC’s complaint, Paradigm has once again come to their aid. Previously, Paradigm raised concerns regarding the SEC’s Howey Test and the interpretation of “investment contracts” and “schemes.” They argue that standard asset sales should be classified under the “investment contract” definition according to the Securities Laws.
Also Read: Circle’s Involvement in SEC vs. Binance Case Adds Complexity: Here’s What You Need to Know
Paradigm underscores the necessity for Congress to establish a regulatory framework for cryptocurrencies to prevent the SEC from gaining excessive control over crypto assets. Additionally, they request the court’s acceptance of the motion to dismiss the case.

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