Crypto Giants Unite: SEC’s Binance Accusations Under Fire
Just days before Sam Bankman-Fried's New York trial, the digital asset industry is uniting against the U.S. government in the case of another major crypto player, Binance.
Circle Internet Financial and Paradigm Operations have filed legal documents arguing that the SEC overstepped its jurisdiction in charging Binance with a “complex web of deception.”
Binance has expressed disappointment with the complaint, asserting it engaged in good-faith discussions with the SEC.
Paradigm filed an amicus brief supporting Binance’s case dismissal, citing the SEC’s inconsistent crypto regulation approach and misperception of crypto’s regulatory status.
Circle, the issuer of USDC and a minor stakeholder in Coinbase, filed a motion of “neither party support” to protest the SEC’s treatment of Binance’s BUSD stablecoin.
Circle emphasized the historical significance of the SEC’s enforcement action against a legitimate payment stablecoin and its potential ramifications for the industry and the U.S. economy.
Prominent crypto figures like Coinbase’s Brian Armstrong and Galaxy Digital’s Mike Novogratz visited Capitol Hill to advocate for the industry’s importance to the U.S. economy.
Coinbase, amidst its dispute with the SEC, is mobilizing crypto enthusiasts for industry advocacy ahead of the 2024 U.S. elections and supporting efforts to challenge government actions against Tornado Cash.