Binance and US SEC Seek Joint Protection From Court in Ongoing Lawsuit
Binance & US SEC seek an order from the court for privacy in the ongoing lawsuit, amid disputes over document sharing and calls for the dismissal of the case.
Binance and the U.S. Securities and Exchange Commission recently decided to seek a joint protective order from the court. Based on a June 17 agreement, this order is about keeping certain details secret. The request proposes that any earlier orders passed by Judge Jackson be replaced with this current one. This move follows certain issues between the SEC and BinanceUS regarding document sharing and meetings.
According to the SEC, BinanceUS has not provided enough papers, only 382 so far. According to the June agreement, they want further details. However, BinanceUS believes that the SEC's requests after a September 18 hearing are harsh and go against the earlier agreement.
At the same time, Binance is attempting to get the lawsuit dismissed, but the SEC is not convinced. Based on current regulations, the SEC is focusing on regulating the crypto industry to protect investors. Meanwhile, the cryptocurrency community wants the case, as well as similar ones filed against Coinbase and Ripple, to be dismissed. They contend that the SEC has failed to fully explain how existing rules apply to these specific situations.
