Binance chief executive CZ has filed court papers aiming to have the lawsuit against the firm by the US Securities and Exchange Commission dismissed.
“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws.”
A separate filing sought to dismiss the lawsuit against Binance.US, legally known as BAM Trading Services. The US division of the world’s largest crypto exchange has been virtually obliterated by the move, which may have been SEC chair Gary Gensler’s original aim.On Sept. 19, the SEC failed to convince a federal judge to immediately let its officials delve into Binance.US’s software.
Attorney Jeremy Hogan saw the irony in what has unfolded with Binance this year. The company has been sued by both the Commodity Futures Trading Commission and theOne agency alleges the Binance stablecoin BUSD is a commodity and the other claims it is a security. Hogan commented on the premise of another lawsuit being slapped on the firm:
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