In the latest development in the U.S. SEC v. Binance Holdings lawsuit, the Securities and Exchange Commission (SEC) and Binance, Binance.US, and CEO Changpeng “CZ” Zhao have filed a joint motion for a protective order concerning confidential details produced as per the June 17 consent order.
It seems the disputes related to document discovery and depositions between the parties are nearly over and things are moving smoothly again.
Binance And US SEC Files Joint Motion For Protective Order
According to a court filing late November 13, Binance and the U.S. SEC have filed a joint motion for a protective order related to June’s consent order.
The parties require a protective order from the court that limits how confidential information will be protected and disclosed during the course of the lawsuit. Furthermore, the parties propose that any protective order entered in connection with this motion will supercede any order entered by Judge Jackson in connection with the parties’ pending joint motion for a protective order filed on September 11.
The move came after recent dispute between the SEC and Binance.US related to document discovery and depositions. The SEC argued that BinanceUS has only produced approximately 382 documents and refuses to provide its position on producing the remaining documents as requested by the agency under the consent order.
Meanwhile, BinanceUS said the SEC’s s requests since the September 18 hearing are unreasonable. The exchange believes the SEC’s approach is inconsistent with the consent order.
Binance Seeks Dismissal of Lawsuit
Meanwhile, the U.S. SEC opposes the latest request by Binance.US as well as Binance and CEO Changpeng “CZ” Zhao to dismiss the lawsuit. The SEC has also refused to accept any overreach to regulate the crypto industry, claiming to protect investors under the existing securities laws.
The crypto community believes the lawsuit, along with other SEC lawsuits including Coinbase and Ripple, must be dismissed due SEC’s failure to explain how current rules applies to its arguments.
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