Judge Restricts Amicus Curiae Filings

Binance, the world’s largest cryptocurrency exchange, is going head-to-head with the US Securities and Exchange Commission (SEC) in a high-stakes legal battle. As the battle rages on, a significant hearing on October 12 is poised to be a pivotal moment. Judge Amy Jackson has weighed in and delivered a series of critical orders that will shape the course of this lawsuit.

Judge Amy Jackson Orders Shift Dynamics in Binance-SEC Lawsuit

As this legal battle continues, Judge Amy Berman Jackson has made several important calls to deal with some pending issues in the SEC versus Binance case.

One of the key decisions is letting Circle Internet Financial join the case as an amicus curiae. That’s a neutral party that gives information, not taking sides. 

Circle’s input concerns Binance and its CEO’s request to dismiss the lawsuit. They argue that stablecoins aren’t securities, the SEC shouldn’t have control over the payment of stablecoins, and lots of legal and practical things back the SEC’s power in this area.

In another decision, the court laid out what’s needed for future amicus briefs. If someone wants to submit one, they can only include two motions to appear pro hac vice. They must also explain why their brief is essential, especially if it says things already said in earlier amicus briefs about this case.

It’s also important to know that anyone who wants to be an amicus curiae can only talk in court if the judge says it’s okay.

Plus, Judge Jackson said yes to some lawyers who wanted to represent their clients in the case. But those lawyers, or someone from their law firms, must complete CM/ECF training, obtain it, get the right login details, and promise to file documents electronically.

Binance’s Attempt to Dismiss the Lawsuit

Binance and its US branch and CEO Changpeng “CZ” Zhao want the SEC’s case against them to be dropped. They’re saying the SEC is going too far with its rules.

The SEC has made many claims against Binance, saying they didn’t handle their customers’ money well, misled investors and regulators, and broke securities rules. It’s also important to note that other cryptocurrency companies, including Coinbase, are trying to eliminate the lawsuit. They say the SEC is trying to control the cryptocurrency world too much.

As the legal battle continues, people in the cryptocurrency world and legal experts will be watching closely to see what happens next in this critical case.