The U.S. Securities and Exchange Commission (SEC) has filed a “motion to unseal” to reveal the contents of confidential documents it filed last month that caused FUD in the crypto industry. The protective order in the U.S. SEC v. Binance lawsuit amid the exit of many executives from Binance and Binance.US have impacted investors’ sentiment, as well as trading volumes on other exchanges.
US SEC And Binance To Reveal Some Documents
Attorneys for the plaintiff the U.S. Securities and Exchange Commission (SEC) submitted a motion to unseal or withdraw its earlier motion to seal documents in the Binance lawsuit, according to a court filing on September 15.
In fact, both the US SEC and defendants Binance and Binance.US have agreed to unseal many documents filed last month by the SEC. This includes documents related to “Motion to Compel and For Other Relief” and “Opposition to Binance.US’ Motion for a Protective Order”.
“The SEC also does not oppose the sealing or partial sealing of certain documents designated as confidential by Defendants BAM Trading Services Inc. and BAM Management US Holdings Inc. (together, “BAM”), if they continue to request confidentiality,” as per the filing.
The SEC asserts that Binance.US filing sealed documents to the court in response to the SEC’s earlier request to file sealed documents has significantly delayed the case. Despite Binance.US (BAM) has submitted redacted versions of related filing, experts have raised concerns over it due to the importance of the case.
Binance and the SEC recommended some sealed documents for public disclosure. Whereas, some documents are put into the Disputed Documents category.
Binance.US And SEC Next Hearing
Magistrate Judge Faruqui on Wednesday signed a minute order in the lawsuit, scheduling the next hearing on September 18. Magistrate Judge Faruqui will hear the arguments of defendants on the motion for a protective order by BAM Management US Holdings and BAM Trading Services (Binance.US). Also, the arguments made by the SEC regarding opposition to protective order and motion to file documents under seal.
Meanwhile, executives from Binance and Binance.US have exited or planning to exit the firm amid layoffs and intense regulatory scrutiny.
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