Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Binance's efforts to dismiss a U.S. Securities and Exchange Commission lawsuit do not have a basis in the law, the federal regulator said in a filing Wednesday.
The SEC pushed back against Binance and Binance.US's motion to dismiss the suit it brought earlier this summer, saying the motion relies on"distorted" and"tortured" interpretations of both federal law and precedents.
Binance's sale of the BNB token during an initial coin offering as a fundraising mechanism violated securities law, as did its sale of Binance USD as an investment contract, the SEC alleged.The SEC also pushed back against an argument that its lawsuit violated the"Major Questions Doctrine," a recent Supreme Court ruling that's quickly become a favorite of crypto companies facing litigation from the federal regulator.
"Defendants fail to explain why a doctrine intended to protect Congressional authority to make major policy decisions would be served by precluding the SEC from enforcing the Congressional policy choices embodied in the securities laws," the SEC said. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
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