According to a report, Binance has criticized the SEC’s inconsistent position on regulating cryptocurrency, accusing them of hypocrisy. The Securities and Exchange Commission suspect that Binance’s international trading may be in violation of federal securities law.
- At the recent court hearing, Binance’s legal team criticized the SEC for their inconsistent approach towards regulating cryptocurrencies.
- Interestingly, the regulators did not respond when the judge requested the SEC to clarify their definition of a security token.
- According to Paul Grewal, the SEC’s silence on the Hinman test gives the impression that they never even considered the question.
Stay in the know on crypto by frequently visiting Crypto News Today
.
The autocratic control of the crypto industry by the Securities and Exchange Commission has been under scrutiny in recent years. During the Binance-SEC court hearing, Binance’s legal team denounced the regulators’ inconsistent approach towards regulating cryptocurrencies.
CryptoCaster Quick Check:
Judge Amy Berman Jackson of the US District Court for the District of Columbia has directed the SEC to clearly outline the characteristics of a security token, clarifying the distinction between a security token and a virtual currency. The SEC maintains that all digital assets fall under the definition of a security, but the judge questioned how issuers are expected to determine when they have crossed that line, according to reports.
Prominent figures in the cryptocurrency community, such as Paul Grewal and MetaLawman, have accused the SEC of deliberately withholding information. MetaLawMan highlighted that during the hearings for Coinbase and Binance, the SEC failed to mention Bill Hinman’s creation of the “sufficiently decentralized” standard. Additionally, Paul Grewal, Chief Legal Officer of Coinbase, stated that the SEC behaved as if they were not asked about the matter at all.
The situation is actually worse than that. They ignored the question about Mr. Hinman when asked directly, as if the question had not been asked at all.
The scheduled court hearing has focused on the topic of security tokens, with the aim of determining if cryptocurrencies can be classified as securities and fall under the jurisdiction of the SEC. In response to the SEC’s unclear position, lawyers representing Binance presented their arguments.
The Securities and Exchange Commission (SEC) has been sending mixed messages regarding crypto tokens. On one hand, they encourage the industry to register but on the other hand, they are actively hindering any feasible means of doing so by keeping the door closed.
The court session came after Coinbase’s hearing regarding the SEC’s accusations against the exchange for violating securities laws. Among the firms accused by the SEC, such as Binance and Coinbase, the hearings are anticipated to bring a new perspective to the industry.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
