2 years ago
Binance.US, the United States subsidiary of the embattled Binance exchange, described the Securities and Exchange Commission’s (SEC) lawsuit against its level arsenic “baseless.”
In a June 5 statement, Binance.US said the suit was the latest illustration of the fiscal regulator’s regulation-by-enforcement attack towards the crypto industry.
According to the exchange, the SEC “seeks a adjacent eradication [of the crypto] industry” arsenic it had taken akin actions against rival platforms similar Coinbase, Kraken, and Gemini.
Binance.US said:
“Today’s filing is unjustified by the facts, by the law, oregon by the Commission’s ain precedent. The alleviation sought by the Commission would harm the precise investors the SEC is charged with protecting. It would besides stifle innovation and punish our institution and manufacture alternatively than moving to let American businesses to thrive.”
The level said it intends to support itself against the suit and urged “Congress to measurement successful and walk bipartisan authorities that creates a workable regulatory authorities for integer assets and reins successful the bureaucratic overreach.”
Disappointment with lawsuit
In its statement, the genitor institution Binance stated that it was disappointed with the SEC’s determination to record a suit against its steadfast contempt its “extensive good-faith discussions” and “cooperation” with the SEC’s investigations.
According to Binance, the regulator’s nonaccomplishment to productively prosecute with the level showed “the Commission’s misguided and conscious refusal to supply much-needed clarity and guidance to the integer plus industry.”
“The Commission has determined to modulate with the blunt weapons of enforcement and litigation alternatively than the thoughtful, nuanced attack demanded by this dynamic and analyzable technology. Unilaterally labeling definite tokens and services arsenic securities – adjacent ones implicit which different U.S. authorities person asserted jurisdiction – lone compounds these problems.”
Additionally, Binance said the suit showed that the SEC was not funny successful protecting investors. Instead, the regulator was rushing to assertion jurisdictional crushed from different regulators.
In March, Binance was sued by the Commodity Futures Trading Commission (CFTC) implicit allegations of regulatory commodity violations.
Binance added that its size and planetary sanction designation made it an casual target, and it is present “caught successful the mediate of a U.S. regulatory tug-of-war.”
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