Judge Jackson Cites Ripple Ruling In Binance Vs US SEC

In the latest development in the US SEC v. Binance Holdings lawsuit, the court has announced an order to deny a motion by third-party Eeon to intervene in the lawsuit and seek counterclaim relief. The federal judge relied on Binance and US SEC’s responses opposing intervention in the enforcement action, as well other court’s decision including US SEC v Ripple Labs.

Judge Considers Ripple Ruling in the SEC Vs Binance Lawsuit

Judge Amy Berman Jackson has denied a motion to intervene in the US SEC enforcement action against Binance filed by Eeon, according to a court filing.

On July 27, defendants Binance Holdings and Changpeng “CZ” Zhao opposed a request to intervene by Eeon, giving three reasons to the court to deny the motion. Plaintiff the SEC also requested the court to deny the petition as per the Exchange Act and counterclaims seeking relief from the SEC and Binance.

Judge Jackson agreed with Binance and US SEC’s response that the law prohibits the consolidation of a private action with one brought by the SEC without its consent. She also cites cases such as US SEC v. Ripple Labs preventing private cross-claims, counter-claims, and third-party claims to SEC enforcement actions.

“The SEC’s response 92 (“SEC Opp.”). Section 21(g) of the Exchange Act provides that “no action for equitable relief instituted by the Commission pursuant to the securities laws shall be consolidated or coordinated with other actions not brought by the Commission, even though such other actions may involve common questions of fact, unless such consolidation is consented to by the Commission.”

Judge Jackson ordered to deny the motion on the statute and consider it unnecessary to consider whether Eeon has met requirements for a counterclaim.

Also Read: Binance Announces Shiba Inu As Collateral Asset, Shibarium’s BONE Listing Coming?

Binance Seek Dismissal of Lawsuit

Meanwhile, Binance filed a motion to dismiss the US CFTC lawsuit claiming that it lacks jurisdiction on the global crypto exchange. The response by the CFTC is due on September 22.

The exchange faces FUD surrounding a looming DOJ lawsuit amid ongoing investigations and former SEC officials hinting at an SEC-like lawsuit by DOJ.

Also Read: US SEC’s Approval Of Ethereum ETF More Likely Than Bitcoin This Year – Bloomberg

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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