US Supreme Court Denies Binance’s Petition: Trial Will Go Ahead
Monday, January 13. By rejecting the appeal filed by the Binance exchange and its founder, Changpeng Zhao, the Manhattan Supreme Court confirmed that a trial will take place in the case between the platform and investors.
Although the Securities and Exchange Commission (SEC) will soon no longer be headed by Gary Gensler, the ongoing cases are not stopping.
Binance is accused by investors of offering the sale of unregulated tokens that have lost much of their value: in particular ELF, EOS, FUN, ICX, OMG, QSP and TRX.
According to the complaint filed, the purchases were made on the platform in 2017 without any warning about the extreme price volatility or the associated risks.
👀 Discover the origins of the war between the SEC and cryptocurrencies
The exchange platform tried to appeal the decision rendered by another court of justice that had validated the collective action, known as a "class action".
To escape such a trial, Binance recalled that it was not an American company. However, the 2nd Circuit Court of Appeals in Manhattan ruled that, since the cryptos had indeed been purchased in the United States, American law could apply.
In addition, Binance deliberately cultivates the mystery about the location of its headquarters. A strategy that allows it to escape regulators for a while, but which ends up backfiring on the platform. Without choosing a specific location, the exchange leaves it to American judges to decide for it.
Given that the platform uses Amazon servers located on US territory, the judges had already declared in March 2024 that Binance was indeed a company subject to the rules of the
US Supreme Court Denies Binance’s Petition: Trial Will Go Ahead
Monday, January 13. By rejecting the appeal filed by the Binance exchange and its founder, Changpeng Zhao, the Manhattan Supreme Court confirmed that a trial will take place in the case between the platform and investors.
Although the Securities and Exchange Commission (SEC) will soon no longer be headed by Gary Gensler, the ongoing cases are not stopping.
Binance is accused by investors of offering the sale of unregulated tokens that have lost much of their value: in particular ELF, EOS, FUN, ICX, OMG, QSP and TRX.
According to the complaint filed, the purchases were made on the platform in 2017 without any warning about the extreme price volatility or the associated risks.
👀 Discover the origins of the war between the SEC and cryptocurrencies
The exchange platform tried to appeal the decision rendered by another court of justice that had validated the collective action, known as a "class action".
To escape such a trial, Binance recalled that it was not an American company. However, the 2nd Circuit Court of Appeals in Manhattan ruled that, since the cryptos had indeed been purchased in the United States, American law could apply.
In addition, Binance deliberately cultivates the mystery about the location of its headquarters. A strategy that allows it to escape regulators for a while, but which ends up backfiring on the platform. Without choosing a specific location, the exchange leaves it to American judges to decide for it.
Given that the platform uses Amazon servers located in the United States, the judges had already declared in March 2024 that Binance was indeed a company subject to the rules.
Dollar Liquidity Dynamics and Their Impact on the Crypto Market
At the heart of the current dynamics is the battle over dollar liquidity. On one side, the Fed continues its quantitative tightening (QT), withdrawing $60 billion $ per month from the markets, for a total contraction of $180 billion $ in Q1. On the other, the RRP, which has become less attractive, is pushing investors to redirect these funds towards higher-yielding assets.
Finally, the US Treasury, deprived of authorization to issue new debt due to the cap, is drawing on the TGA to finance its operations.
This temporary but massive strategy injects liquidity that will peak in March before drying up quickly once an agreement is reached in Congress. According to Hayes, this combination creates fertile ground for cryptos, but the party could be short-lived.
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