In light of the severe weather, the court hearing between Binance and the SEC has been postponed for January 22 (Monday) at 10:00 AM EST.
News outlets have reported that, because of the severe weather, the US Court in Washington has postponed Friday’s court hearing in the SEC-Binance case. The regulators’ accusations against Binance and the platform’s defense arguments will be addressed during the rescheduled hearing on Monday, January 22nd, at 10:00 a.m. EST.
The SEC had previously filed a thirteen-count lawsuit against Binance in June 2023, alleging, among other things, that Binance had controlled its US affiliate, BAM Trading, and offered securities that had not been registered. Binance is getting ready for the court hearing after a string of shocking events, including the departure of Changpeng Zhao.
On January 19, blockchain industry heavyweight MartyParty published an X post comparing the forthcoming SEC-Binance hearing to the one that took place not long ago between Coinase and the SEC. According to the tweet, the judge will listen to the arguments from both sides and then decide whether to proceed with a full trial or dismiss the case.
During the last hearing between Coinbase and the SEC, Judge Katherine Polk Failla criticized the agency for lacking thorough definitions of securities. The court wanted an unambiguous answer to the question of whether or not digital assets constitute securities, as she was dissatisfied with the regulator’s claims.
According to MartyParty’s tweet, Binance would follow Coinbase’s lead in the hearing. “Crypto assets offered on the platform are not securities and are not under the jurisdiction of the SEC, would be the central point of Binance’s representatives’ arguments.” Further to the tweet,
Further allegations include misrepresenting investors on its market surveillance procedures, neglecting to limit users from the United States, diverting client cash, and falsely inflating trading volumes. They will defend themselves against these claims.
Among the several lawsuits that authorities have filed against crypto assets and platforms, the SEC’s complaint against Binance stands out. Their anti-crypto attitude has garnered them heavy criticism from the crypto community. Nonetheless, the instances of Binance and Coinbase are anticipated to bring in groundbreaking innovations inside the cryptocurrency realm, contributing to the molding of the SEC’s authoritarian power.
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