Bitcoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/the-sec-vs-binance-unsealed-documents-could-spell-reckoning-day-for-crypto/">The SEC vs. Binance: Unsealed Documents Could Spell “Reckoning Day” for Crypto</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In the latest twist of the courtroom drama between the U.S. Securities and Exchange Commission (SEC) and Binance.US, both sides have entered into a joint stipulation and <a href="https://coinpedia.org/news/binance-seeks-protection-against-secs-fishing-expedition/" rel="noopener noreferrer nofollow">proposed order</a>. This comes in the wake of Binance.US filing a motion for a protective order, which the SEC opposed.</p> 
<h2 id="the-dance-of-legal-eagles" data-name="the-dance-of-legal-eagles" class="wp-block-heading"><strong>The Dance of Legal Eagles</strong></h2> 
<p>Attorneys for both parties have formally agreed to a stipulation. This is significant because a stipulation serves as a formal legal handshake that sets the tone for the legal proceedings that follow. This development comes as Binance.US seeks to prevent the SEC from requiring depositions of its top brass and rejecting what it sees as unwarranted demands.</p> 
<p>On the other hand, the SEC has graciously permitted Binance.US to file a single memorandum opposing its “document under seal.” Whatever that entails, both sides are asking the court to set the date for another hearing on September 11.</p> 
<h2 id="the-juiciest-part-of-this-legal-wrangling" data-name="the-juiciest-part-of-this-legal-wrangling" class="wp-block-heading"><strong>The Juiciest Part of this Legal wrangling?&nbsp;</strong></h2> 
<p>The SEC’s secret filing dated August 28. Although most details are strictly confidential, the document appears to counter Binance.US’s protective motion and contains a motion to compel — a legal mechanism to force information out of the opposing party.</p> 
<p>Given the SEC’s history, the agency could be leaning on Binance.US to release a financial report or other details under a prior consent order. The word “relief” also appears in the document, but the specifics are yet to be revealed.&nbsp;</p> 
<h2 id="market-repercussions-the-domino-effect" data-name="market-repercussions-the-domino-effect" class="wp-block-heading"><strong>Market Repercussions: The Domino Effect</strong></h2> 
<p>As Lumid Wealth’s CEO Ram Ahluwali wisely opined on Twitter, the ongoing SEC drama could sway crypto prices. He cautioned that September is traditionally a shaky month for Bitcoin and that the SEC’s decision could further destabilize the market. However, he also presented a silver lining: if the Binance news causes a sell-off, it could mark a buying opportunity.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">September is seasonally lousy for Bitcoin and an SEC delay/rejection could hurt prices. Beyond those events, I’d be constructive. <br><br>I have no view on Binance which is an X-factor in all of this. <br><br>However, If Binance news were to cause a rout, that could mark an intermediate…</p>— Ram Ahluwalia, higher for longer crypto CFA (@ramahluwalia) <a href="https://twitter.com/ramahluwalia/status/1699142054398353462?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 5, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure>

The SEC vs. Binance: Unsealed Documents Could Spell “Reckoning Day” for Crypto

Table of Contents

CoinPedia News

Other articles published on Sep 6, 2023

Crypto Sleuth Hints SEC’s Double Standards: Ripple and Ethereum in the Spotlight

Coinbase CEO hints at creating decentralized LinkedIn

Coinbase fills gap left by Genesis and BlockFi collapse

Global Crypto Mining News in August: KuCoin Mining Pool Shutdown, Kana Reports Earnings and Bitma...

Socio, the go-to telegram platform to keep your anonymity on the internet

Cathie Wood’s Ark Invest Says US “Attempts to Wound Bitcoin” Hurt Its Long-Term Strategic Interests

Join our free newsletter for daily crypto updates!