A friend of the court brief supported by Coinbase has been filed opposing the U.S. Securities and Exchange Commission's (SEC) request to dismiss the lawsuit against Binance, the world's largest cryptocurrency exchange. On Friday, an investment fund called Paradigm filed a friend of the court brief in support of the continuation of the U.S. SEC's proceedings against Binance. Paradigm's position is that the case will have a broad and far-reaching impact on the cryptocurrency industry. The fund said that if successful, the SEC's motion will be detrimental to the development of the cryptocurrency industry. "The court should not grant support to the SEC's motion to file and should allow the allegations against Binance to enter the substantive stage," Paradigm said in its brief. Katie Biber, general counsel of Paradigm, said that the fund filed the brief because the case has a significant industry impact and requires a transparent and fair legal process. Binance and its CEO Changpeng Zhao (CZ) have previously been accused of violating securities laws, but Binance has always denied the allegations, claiming that its operations are legal and compliant. In addition, CZ has also publicly stated many times that the SEC's allegations are baseless and aimed at suppressing the fast-growing cryptocurrency market. As the court’s deliberations are about to begin, the cryptocurrency community and investors will be keeping a close eye on the progress of this case.



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