The Securities and Exchange Commission (SEC) has maintained its stance in a recent filing that Binance’s dismissal plea lacks legal substance. The filing on Wednesday was in response to the cryptocurrency exchange’s earlier attempt to discard the SEC lawsuit.
SEC Cites Legal Misinterpretation
The SEC is countering Binance’s motion to dismiss, asserting that the exchange’s defense is founded on misinterpretations of the law. According to the SEC the exchange’s argument would jeopardize long-established precedents vital to the functioning of the nation’s securities laws. They argue that Binance’s approach proposes a rigid framework alien to the existing legal system.
The SEC’s allegations point directly to Binance’s launch of the BNB token and Binance USD (BUSD), which the agency deems as infringements of securities law. Additionally, the SEC argues that the company’s staking and earning programs fall under securities violations. Moreover, the SEC refutes Binance’s
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