In a significant development for the cryptocurrency industry, US District Court Judge Amy Berman Jackson has ruled that the majority of the SEC's lawsuit against Binance and its co-founder can proceed. The SEC had accused Binance of mishandling customer funds, misleading investors, and violating securities regulations. Out of 13 counts, Judge Jackson ruled that 10 can fully proceed, two partially, and one dismissed.

The dismissed count relates to sales of BUSD, Binance's defunct stablecoin. Interestingly, Binance's native BNB token remained unaffected by the news, trading at $570, and has outperformed most altcoins recently, reaching an all-time high of $717 on June 6.

In related news, Ethereum software solutions provider ConsenSys has criticized the SEC's regulatory overreach, following the SEC's accusation of ConsenSys selling unregistered securities through its MetaMask staking service. These developments underline the ongoing regulatory challenges facing the crypto industry, even as the market remains resilient and optimistic.