Impact

<ul>
 <li>Binance faces SEC claims on staking, ICO, secondary market, and control.</li>
 <li>The market reacts cautiously to the dismissal of BNB’s secondary market claims.</li>
</ul>
In a pivotal legal showdown, the largest cryptocurrency exchange Binance faced a mixed outcome in a recent court ruling against the U.S. Securities and Exchange Commission (SEC). Judge Amy Berman Jackson decided to proceed with several claims from the SEC, including allegations related to Binance’s staking program. And initial coin offering of BNB.
However, claims regarding BNB’s secondary market sales and Binance USD transactions were dismissed, underscoring evolving views on token classification.
Judge Jackson’s decision, citing a precedent from the <a href="https://x.com/Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> case, emphasized that a token’s status as a security can change over time, challenging the SEC’s rigid Howey framework. This nuanced approach could impact future regulatory actions within the crypto market.&nbsp;
Meanwhile, the SEC’s assertion that former CEO Changpeng <a href="https://x.com/cz_binance" target="_blank" rel="noopener noreferrer nofollow">Zhao</a> exerted control over Binance and the obligation for Binance to register under the Exchange Act will proceed to further hearings scheduled for July 9.
In a parallel development, blockchain firm ConsenSys found itself in the SEC’s <a href="https://thenewscrypto.com/u-s-sec-sues-consensys-over-unregistered-securities-involving-metamask/" target="_blank" rel="noopener noreferrer nofollow">crosshairs</a>. It was for allegedly selling unregistered securities through its MetaMask digital asset wallet.
<h3 class="wp-block-heading" id="h-community-response-and-market-impact">Community Response and Market Impact</h3>
The dismissal of certain SEC claims against Binance, particularly regarding secondary market activities of <a href="https://thenewscrypto.com/binance-coin-bnb-struggles-to-maintain-upward-momentum-falls-from-all-time-high/" target="_blank" rel="noopener noreferrer nofollow">BNB</a>, has sparked varied reactions within the crypto community. Some view it as validating broader industry practices. They suggest a potential precedential impact on similar pending litigations involving major exchanges like Coinbase and Kraken.&nbsp;
Alluding to it, Fox Reporter, Eleanor Terrett tweeted, “ And the SEC Gov lawyers can no longer argue that the Ripple ruling was merely an outlier that no other judges agree with.”
Amidst these moments market data indicates a slight downturn in BNB trading volume and value. It echoed cautious sentiment amid regulatory uncertainties.
Highlighted News Of The Day
<a href="https://thenewscrypto.com/u-s-sec-sues-consensys-over-unregistered-securities-involving-metamask/" rel="noopener noreferrer nofollow">U.S SEC Sues ConsenSys Over Unregistered Securities Involving MetaMask</a>

SEC Lawsuit Against Binance Sparks Market Debate

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TheNewsCrypto

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