SEC vs. Binance: Legal Battle Intensifies as Regulator Seeks to Amend Complaint
According to the details from a recent court filing, the SEC has signaled its intention to amend its original complaint against Binance and its founder, Changpeng Zhao.
As per the details, the regulator might also drop its charges against Solana (SOL) and Polygon (MATIC) tokens.
Key points:
- SEC plans to file a motion to amend its complaint within 30 days.
- Judges will likely get to decide whether the few tokens are unregistered securities or otherwise.
- The court’s June 28 ruling allowed some claims to proceed.
The SEC’s move to amend its complaint comes after the court’s June 28 ruling. The ruling allowed some claims to proceed while dismissing others.
Also read: Crypto Funds See Muted $254M Inflows, but There’s a Catch
SEC pushes for an immediate beginning of discovery
The SEC is pushing for immediate commencement of discovery. This is based on claims that have already survived Binance’s motion to dismiss.
These include Counts 1 and 3, along with Counts 4–13 from the original complaint. The regulator argues that there’s no need to delay this process.
However, Binance and its co-defendants argue that it’s unreasonable to agree to discovery without first reviewing the SEC’s proposed amended complaint. They contend that the scope of the case could change with the new filing.
The latest filing comes as a response to the July 9th order by the court.
