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Federal Judge Allows Most of SEC's Case Against Binance to Proceed, Raises Questions About Cryptocurrency Securities Law

Federal Judge Allows Most of SEC's Case Against Binance to Proceed, Raises Questions About Cryptocurrency Securities Law

CointimeCointime2024/07/04 03:37
By:Cointime

A federal judge has dismissed some charges against Binance related to the sale of BUSD and secondary sales of BNB, but allowed most of the SEC's case to proceed. The ruling has maintained the current status quo in terms of litigation around crypto and securities, and has left the door open for future arguments around secondary transactions. However, the decision has caused confusion for the industry and its customers, as different courts have reached opposing views on whether similar transactions constitute securities transactions. Meanwhile, Coinbase has been denied an appeal in a case against the SEC, and the US Supreme Court has made three significant decisions that may affect the crypto industry's relationship with federal regulators.

Fintech company Synapse reportedly has $1 billion in assets associated with customer accounts, but only $265 million in obligations tied to those accounts. Unlike bank customers, fintech customers have no protection from the Federal Depository Insurance Corporation. Readers can contact the author via email or Twitter, or join the group conversation on Telegram for any feedback or questions.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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