- Stuart Alderoty notes that the agency acknowledges that 10 tokens are not securities.
- Binance has until October 11 to submit a notice of consent or an objection.
The United States Securities and Exchange Commission (SEC) has asked the court to amend its complaint in its ongoing case against Binance, Binance.US, and co-founder Changpeng Zhao. In the matter of SEC v. Payward, the submission was made in reaction to a district court judgment that denied Kraken’s petition to dismiss.
Reacting, Ripple CLO Stuart Alderoty notes that the agency acknowledges that 10 tokens are not securities in and of themselves. And regrets using “crypto asset securities” in some situations. The United States Securities and Exchange Commission, as the plaintiff in the case SEC vs. Binance, has moved to expand the first complaint to include “crypto asset securities.”
Clarified Position Over ‘Crypto Asset Securities’ Phrase
For the court’s reference, the regulator has filed the following: the judgment refusing the defendants’ request to dismiss in the Kraken vs. SEC action; a redline matching the PAC to the original complaint; and the PAC itself, which has not yet been published on generally known legal databases.
In response to the SEC’s request, Binance has until October 11 to submit a notice of consent or an objection. In order to maintain control over the cryptocurrency sector, the agency continues with its strategy of regulating via enforcement.
Moreover, Paul Grewal, chief legal officer (CLO) of Coinbase, went to X to reveal a footnote from the SEC’s proposed revised complaint against Binance. He brought attention to the fact that “The SEC regrets any confusion it may have invited.” Due to its frequent and inaccurate claims that ten tokens, including SOL, ADA, and MATIC, are securities.
He referred to Stuart Alderoty, Ripple’s chief legal officer, in the post, saying that the SEC has changed its approach or clarified its position on the phrase “crypto asset securities.”
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