The Securities and Exchange Commission (SEC) is intensifying its pursuit of crypto exchanges Binance and Coinbase in ongoing legal battles. To strengthen its arguments, the SEC has referenced a recent landmark case in court.
In its case against Binance, the SEC filed a notice of supplemental authority, highlighting Judge Jed Rakoff’s ruling in the Terraform case. The SEC believes that several issues resolved in its favor in that case are similar to those raised by Binance.
Judge Rakoff ruled in favor of the SEC on December 28, stating that the LUNA and UST tokens were securities. The SEC argues that Binance cannot request the court to set aside the Howey test in determining whether to dismiss the case, as Judge Rakoff ruled that the test remains a binding statement of law.
The SEC also cites Judge Rakoff’s ruling to support its opposition to Coinbase’s motion in its case against the exchange. The SEC alleges that Coinbase offered and traded unregistered securities, including tokens like SOL, ADA, MATIC, FIL, and SAND.
Both courts will need to consider the reasoning behind Judge Rakoff’s decision and determine its applicability to the issues at hand. They will also be guided by Judge Analisa Torres’ ruling in the SEC’s case against Ripple.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Judge Jed Rakoff, Judge Analisa Torres, Judge Failla |
| Companies | Judge Jed Rakoff, Securities and Exchange Commission, Binance, Coinbase, Terraform Labs |
| Currencies | Filecoin, Polygon, The Sandbox, Cardano, Solana |
| Securities | None |
