Judge Squeezes Binance in SEC Case! Here’s What Happened at the Hearing! “XRP and Terra Detail Attracted Attention!”

As you may remember SECthe world’s largest cryptocurrency exchange to Binance Last June, he accused him of violating securities laws and filed a lawsuit.

While the hearing of the Binance-SEC case was held today, Binance asked federal Judge Amy Berman Jackson to withdraw the case filed by the SEC.

Among the information received, the judge Binance While he was pressuring his lawyers with questions Blockworks journalist Casey Wagner shared the developments regarding the case.

The judge asked Binance lawyers to present their arguments on whether the cryptocurrencies on the platform are securities in the face of the SEC’s allegations.

Judge Berman also asked Binance lawyers whether any court had expressly accepted their view that the cryptocurrencies mentioned in the case were not securities.

Judge Berman, who challenged Binance lawyers with his questions, said:

“We will waste a lot of time if we examine the Howey factors here.

It has been claimed and you say again that these are not an investment contract. I heard. I appreciate it… but this point doesn’t need to be underlined.

I don’t think the government has ever said that digital currency is always a security.

“The laws here focus on the integrity of the conditions, how it is sold, how it is marketed.”

Judge Berman also XRP He asked about the distinction in his case. Binance lawyers stated that they agreed with the judge’s decision on Ripple Terra (LUNA) He said his decision was wrong:

“Obviously we agree with the Ripple decision.

However, we do not agree with Terraform’s decision. Because in its decision, Terraform says that secondary sales can be investment contracts because the proceeds from the sale return to the blockchain. That was the reason. “The court’s decision is wrong in this respect.”

Judge asks about SDNY distinction between institutional initial offering and secondary sales (XRP case)

Binance: “We obviously agree with the Ripple decision.”

— Casey Wagner (@caseywagnerr) January 22, 2024

*This is not investment advice.