The federal judge overseeing the SECGov case against BinanceUS and binance has held off on ordering a temporary restraining order, telling the parties to negotiate details and provide an update by Thursday. nikhileshde and jesseahamilton report
also told the SEC that it may cease doing business in the U.S., prompting the need for an emergency order, the attorney said.Still, at the end of the day the parties were not that far apart, Judge Jackson said. If they could find an agreement, that would give all parties time to properly sort through the case's details., alongside Binance founder Changpeng"CZ" Zhao, last week, alleging they were operating as an unregistered securities exchange, brokerage and clearing agency.
The regulator also alleged massive commingling of funds allowing Zhao, a Canadian national living in the UAE, access toThe crypto exchanges pushed back against the claims in their response to the motion, arguing the SEC hadn't conclusively proven they listed any securities and saying the regulator hadn't shown any proof supporting an emergency motion.
Though the judge asked some elementary questions about the issue, she was not satisfied with the answers. Near the opening of the hearing, the judge asked SEC attorneys to distinguish between a"crypto asset" and a"crypto asset security." SEC attorney Matthew Scarlato told the judge that the regulator had provided several examples of cryptos it believed were securities in the broader complaint, but was also reserving the right to assess the rest of the tokens on the exchanges later."The ones they you're not calling securities, what are they?" she asked, diving into the heart of an issue that's vexed the crypto industry for years., if BNB is a commodity since the company had argued it was a security.
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