Court limits SEC use of new cases in Binance crypto battle

The order also clarifies that neither party needs to respond to notices of supplemental authority. This ruling follows an earlier request from the court for both entities to reference cases mentioned in their briefs without relying on new developments to fortify their positions. The directive aims to streamline the legal process and maintain focus on the core issues at hand without the distraction of continually evolving case law references.

Legal tensions escalate between SEC and crypto entities

Recent cases, including a default judgment in a Coinbase insider trading case and a class action lawsuit against Binance, have fueled debates over the SEC’s handling of crypto-related litigation. Legal representatives for Binance and Coinbase have dismissed the SEC’s reliance on these decisions as foundational to their regulatory stance. They argue that such precedents do not contribute constructively to the ongoing dialogue about regulatory clarity and the future of cryptocurrency regulation.

Regulatory clarity in the crypto industry remains elusive

The lack of clear guidelines from regulatory bodies has been a point of contention within the cryptocurrency sector. Coinbase, for instance, has taken legal action against the SEC for its alleged arbitrary enforcement actions and failure to provide clear regulatory frameworks. Paul Grewal, Coinbase’s Chief Legal Officer, has voiced concerns over the SEC’s approach, highlighting the absence of definitive rules governing the crypto industry.