Binance Wins SEC Legal Battle; Judge Rejects Allegations Regarding BNB Sales, Citing Ripple Case
The cryptocurrency community is actively discussing the recent court decision between Binance and the US Securities and Exchange Commission (SEC).
The judge's decision in this case bears great similarities to a previous important decision in the Ripple case.
Legal experts, particularly Judge Amy Berman, point to Jackson's reliance on prior case law in dismissing some SEC allegations.
Details of the Final Decision
The SEC filed a lawsuit against Binance and its former CEO Changpeng “CZ” Zhao, accusing them of various legal violations, including mismanagement of customer funds and misleading stakeholders. Binance denied these allegations and requested that the case be dismissed. The court's latest decision resulted in a mixed outcome. Of the 13 charges, 10 will continue in full, 2 will continue in part, and one has been dismissed. The judge dismissed the charge regarding secondary sales of BNB tokens and BUSD stablecoin sales.
Legal Basis and Previous Decisions
Judge Amy Berman Jackson's decision largely referenced Judge Analisa Torres' reasoning in the 2023 Ripple case. This reference added significant weight to Binance's defense, especially regarding secondary market sales of BNB tokens. Citing the Ripple case, Judge Jackson highlighted the SEC's failure to effectively distinguish between securities and non-securities in the context of digital assets.
