Court Upholds SEC’s Motion to Allow Amicus Briefs in Binance Case

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In the Securities and Exchange Commission’s (SEC) lawsuit against Binance, CEO Changpeng Zhao, and subsidiary Binance.US, Judge Amy Berman Jackson has approved the filing of amicus briefs by Administrative Law Scholars and the New Finance Institute. The experts believe that the parties are likely to settle the lawsuit as the disputes between Binance.US and the SEC seem to be nearing a resolution.

Amicus Briefs

On November 20, 2023, Judge Jackson granted the motions filed by Administrative Law Scholars and the New Finance Institute to submit amicus briefs in support of the SEC’s opposition to Binance and Binance.US’s motion to dismiss the lawsuit. The amici believe that their arguments will offer the court a new and nuanced perspective on the issues involved in the case.

NFI Seeks Additional Time in Coinbase Lawsuit

The New Finance Institute (NFI) is also an amicus curiae in the SEC’s lawsuit against Coinbase. The NFI has requested additional time in the allotted four-hour arguments for the lawsuit, arguing that its arguments are distinct from those of the SEC. Coinbase and the SEC maintain that the arguments and positions presented by the amici are adequately addressed in their briefs.

Joint Motion by Binance and SEC

Binance and the SEC have filed a joint motion for a protective order to safeguard confidential information produced in accordance with the June 17 consent order. This indicates that the parties are making progress in resolving their disputes related to document discovery and depositions.

Hearing on Binance.US Motion is Set for January 19

Judge Jackson has scheduled a public hearing for January 19, 2024, on the motion to dismiss filed by Binance.US and supported by Binance and CEO Changpeng Zhao. The hearing will be crucial for determining whether summary judgment or a settlement is appropriate in the lawsuit.

The SEC’s lawsuit against Binance and Binance.US is a complex and important case that has the potential to shape the future of cryptocurrency regulation in the United States. The recent developments in the case, including the approval of the amicus briefs and the filing of the joint motion for a protective order, suggest that the parties are making progress toward resolving their disputes.