Judge Amy Berman Jackson of the United States approved a crucial agreement between Binance.US, Binance and the Securities and Exchange Commission (SEC) on June 17. This settlement rejects a previous temporary restraining order that would have frozen all of Binance.US’s assets, marking a milestone in the relationship between the SEC and Binance.US. Judge Jackson expressed her preference for a mutual agreement rather than a judgment handed down by the court. The parties reportedly reached an agreement on June 16, allowing Binance.US to continue operations without the threat of a full asset freeze.
We want to provide an update on the current battle finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…— Binance.US 🇺🇸 (@BinanceUS) June 17, 2023
SEC and Binance.US Reach Settlement: What Does It Mean for Binance Clients?
Changpeng “CZ” Zhao, CEO of Binance, expressed his relief at successfully resolving the protracted dispute with the United States SEC. The resolution of this conflict allows Binance to focus on its future, freeing itself from the regulatory uncertainty that had shadowed the company. Zhao stressed that the SEC’s emergency relief request was unnecessary and that the resolution reached would allow Binance to move forward unimpeded. This agreement is a significant step for Binance and could set a precedent for future interactions between cryptocurrency companies and regulators.
Ripple CEO Sees Settlement Between SEC And Binance.US As The Start Of A New Regulatory Era
Brad Garlinghouse, the CEO of Ripple, has pointed out that even though his company’s legal dispute with the SEC is nearing completion, this only represents the start of a larger battle for the entire industry. The need for greater regulatory clarity remains imperative. Garlinghouse contends that the disclosure of the Hinman documents indicates that the SEC has deliberately created an atmosphere of confusion around the regulations, using such confusion as a control tool. This recent agreement between the SEC and Binance.US could mark the beginning of a new phase in the regulation of the cryptocurrency market. Following the publication of the William Hinman Documents on June 13, in the context of the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), Garlinghouse shared a video on Twitter. In it, he discussed the timeline of the lawsuit that was filed in December 2020 and expressed his frustration with the SEC. Garlinghouse criticized the SEC for his behavior, calling it “just plain dishonest.” Furthermore, he emphasized that the initial filing of the lawsuit, just before Christmas 2020, was a prejudicial act.
Crypto community unites to support ZachXBT in his legal battle
ZachXBT, a blockchain network researcher, has received over a million dollars in donations from the crypto community in a span of just over 24 hours. These funds will be used to cover his legal fees in a defamation lawsuit. ZachXBT is known for his research work in the blockchain and cryptocurrency industry, and is currently involved in a legal dispute with Jeffrey Huang, known on Twitter as MachiBigBrother. On June 16, Huang posted a Tweet stating that he had filed a defamation suit against ZachXBT, accusing him of damaging his reputation with false accusations. Although Huang did not specify the specific allegations, in June 2022, ZachXBT published an article titled “22,000 ETH Embezzled and Over Ten Projects Failed: The Story of Machi Big Brother (Jeff Huang).” In said article, ZachXBT accused Huang of launching “more than ten failed token and NFT pump and dump projects.” In response to the lawsuit, on June 17, ZachXBT tweeted deeming the lawsuit “baseless” and an attempt to silence free speech. He also provided a wallet address so his followers could make donations and help cover legal expenses, which he estimates could easily exceed $1 million.
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