A judge has ended the discovery phase in the SEC’s lawsuit against Binance, dismissing claims related to BUSD, Simple Earn, and secondary BNB sales.
A judge has issued minute orders to conclude the discovery phase in the U.S. SEC lawsuit against Binance, former CEO Changpeng Zhao, and Binance.US, the most recent development. The district court dismissed the SEC’s securities law violation claims regarding the sales of BUSD, Simple Earn, and secondary sales of BNB.
The most recent court filings indicate that Judge Amy Berman Jackson issued numerous minute orders to conclude the discovery phase in the Binance Vs SEC lawsuit.
Judge Jackson requested that the parties submit a joint submission by July 29 in a minute order to undergo additional proceedings. Binance and the SEC are obligated to establish deadlines for any motion to amend the complaint or for relief from the recent decision on a motion to dismiss.
Parties seeking to amend or seek relief in response to the most recent ruling are obligated to submit a response specifying “whether and how discovery would commence if any motions to amend or for relief are filed, and whether discovery should proceed in phases.”
Furthermore, a minute update regarding the scheduling of conference proceedings was included in the docket to confer and meet to file a joint submission in accordance with the court’s deadline.
The partial victory of Binance in the crypto market was a source of positive sentiment, as the judge indirectly supported Judge Torres’s doctrine that crypto secondary sales and programmatic sales are not securities.
The court determined that crypto tokens are not securities, the sale of BNB on secondary exchanges was not sufficiently alleged to be a security, and the stablecoin BUSD is not classified as a security. The decision regarding BUSD was made by the US DOJ filings in the Mango Markets lawsuit, which contradicted the SEC’s assertion that BUSD and other stablecoins are unregistered securities.
Binance.US’s motion to dismiss was denied by the court; however, the cryptocurrency exchange has maintained its alertness and readiness for the subsequent stages of this legal process.
The price of BNB has increased by more than 2% in the past 24 hours, and it is currently trading at $527.80. the low and high of the 24 hours are $511.84 and $528.27, respectively.