Cryptocurrency-focused investment company Paradigm showed its support for the stock exchange in the case between the SEC and Binance and criticized the institution.
by the US Securities and Exchange Commission (SEC) in June. to Binance The stock exchange received support from Paradigm for the lawsuit filed. SEC, Binance And To CEO CZ USA violated securities rules He filed a lawsuit for this reason.
Paradigm made a statement on September 29 regarding the SEC’s lawsuit against Binance. to remarkable expressions gave place. Criticizing that the SEC exceeded its authority in the case, Paradigm said that it tried to bypass it by not following the necessary procedures.
The following statements were included in the details of the statement:
The SEC is trying to bypass the rulemaking process to change the law by using the troubling allegations it complains about. The SEC is clearly trying to overstep its authority and we are very opposed to this move.
Paradigm, which participated in the case as “amicus curiae”, meaning a person with knowledge and expert on the subject, implied that many assets that the SEC defines as securities do not comply with this class.
investment company, many assets with earning potential existed, but they were previously not considered securities expressed. For example, the company gold And of silver also its value may increase said that.
USD Coin (USDC) issuer Circle is also similarly value as an intervenor in the case based on other assets such as the dollar stablecoins that it does not have the basic characteristics of securities and therefore should not be considered as securities he had defended.