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CZ, Binance Argue SEC Crypto Complaint Lacks Standards

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On November 4, lawyers for Binance and its former CEO, Changpeng Zhao (CZ), filed a motion to dismiss the amended complaint filed by the Securities and Exchange Commission (SEC).

This move underscores Binance’s ongoing efforts to counter regulatory pressure amid recent legal challenges, which have highlighted the increasingly strict U.S. regulatory stance on cryptocurrency.

Binance, CZ Fight SEC’s Crypto Rules

In its filing, Binance’s legal team argued that the SEC’s amended complaint refuses to articulate any standard for determining when crypto asset transactions qualify as investment contracts under US securities law.

The lawyers allege that this vagueness leaves market participants unclear about which transactions fall within the scope of securities regulations and which do not. This, in their opinion, ultimately puts the entire crypto industry in regulatory limbo.

“The SEC’s amended complaint continues to insist that virtually all transactions involving crypto assets are securities transactions, simply because some buyers might hope the assets will increase in value,” the latest filing stated.

Read more: A Detailed Comparison of Binance vs. Binance.US

According to the lawyers, this stance is inconsistent with previous judicial interpretations. The lawyers contend that the SEC’s approach ignores a court ruling indicating that crypto assets are not automatically considered securities. Specifically, in the SEC versus Ripple case, Judge Analisa Torres determined that XRP was only a security when sold to institutional customers.

Still, the SEC also appealed this decision recently, with the case expected to drag on until July 2025. Using this case as a reference, the legal team asserted that the SEC is failing to accept the “logical conclusion” of that ruling — that transactions in crypto assets, especially secondary market trades long after initial distribution, are not securities transactions.

Binance’s legal team also noted that the SEC dropping claims involving Ethereum (ETH) without explanation points to selective enforcement. They say this further highlights the need for a clear regulatory standard.

“The SEC recently abandoned its claim that transactions involving Ether are investment contracts,” the lawyers wrote.

As BeInCrypto reported, the SEC initially filed its lawsuit against Zhao and Binance entities in June 2023. The regulator accused them of violating US securities laws.

The complaint targeted CZ and Binance entities (BAM Management US Holdings, BAM Trading Services, and Binance Holdings). It was alleged that they had failed to register various activities with the SEC, which had resulted in “unlawful operations.”

Binance continues to assert its innocence, arguing that the SEC’s definitions are overly broad and unclear. In July, the SEC amended its complaint against Binance, notably dropping its request for a ruling on Binance’s “Third Party Crypto Asset Securities.” While this move appears to be a calculated effort to bolster the SEC’s case, the revisions have raised additional questions about regulatory standards in the crypto industry.

As the case progresses, the SEC’s approach is likely to affect the future of crypto regulations in the US, especially as it pursues similar claims against other companies. Among them is gaming firm Immutable, which recently received a Wells notice signaling potential enforcement action.

Of note, however, Binance is not alone in its stance against the SEC’s regulatory approach. Other major exchanges have also recently challenged the SEC’s attempts to classify crypto assets as securities.

Kraken, for example, has publicly opposed the agency’s labeling of specific tokens as securities. The exchange argued that the SEC is imposing “arbitrary” standards without clear guidance.

“The SEC has no authority to regulate Kraken’s digital asset trading platform […] because the Digital Assets are not securities or investment contracts,” Kraken said.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

The absence of a clear regulatory framework has sparked a wave of lawsuits and enforcement actions, turning the relationship between crypto exchanges and regulators into a legal battleground. Binance’s motion to dismiss the SEC’s complaint highlights a growing assertiveness in the industry, as companies call for clearer guidelines they argue are essential for operating in compliance with US laws.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Exploring Hottest New Coins: FINE, CHILLGUY, and CHILLFAM

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New coins such as FINE, launched three days ago, have seen their market cap reach $2.5 million. CHILLGUY, driven by TikTok hype, has amassed 120,000 holders and achieved $129 million in daily trading volume.

CHILLFAM, following in CHILLGUY’s footsteps, has quickly reached a $10 million market cap with a 300% price surge, showing the potential for continued interest in these emerging tokens.

This Is Fine (FINE)

FINE, launched on Pumpfun just three days ago and now graduated into Raydium, is attempting to capitalize on the growing trend of coins paired with animated video.

As of this writing, the coin boasts over 26,000 holders and a market cap of $2.5 million. However, it has experienced a steep decline, dropping more than 50%. If FINE can stabilize after this sharp drop, it may present an attractive entry point for traders eyeing a potential recovery.

FINE Price Chart and Market Data.
FINE Price Chart and Market Data. Source: Dexscreener

FINE’s RSI is 35, indicating that it is approaching the oversold zone. This suggests that selling pressure may be reaching an extreme, potentially setting the stage for a reversal or bounce if buying interest returns. However, the current bearish momentum highlights the need for caution before expecting a recovery.

Just a chill guy (CHILLGUY)

CHILLGUY, a Solana-based meme coin that gained popularity through TikTok, has quickly risen to prominence in less than a week. The coin’s rapid adoption is evident in its impressive metrics, boasting over 120,000 holders and amassing 112,000 transactions per day.

The coin’s daily trading volume has surpassed $129 million, showcasing substantial market activity and strong interest from traders. This level of engagement highlights CHILLGUY’s potential to sustain its momentum if the hype continues to drive liquidity and participation.

CHILLGUY Price Chart and Market Data.
CHILLGUY Price Chart and Market Data. Source: Dexscreener

CHILLGUY’s RSI sits at 52.3, indicating a neutral zone where neither buyers nor sellers have a dominant edge. This balanced sentiment suggests the market is stabilizing after initial volatility, leaving room for the token to move in either direction depending on future market activity and demand.

Chill Family (CHILLFAM)

CHILLFAM, inspired by the success of CHILLGUY, was launched just two days ago. With nearly 58,000 holders and a daily trading volume of $55 million, the token is gaining traction among meme coins enthusiasts on Solana.

CHILLFAM Price Chart and Market Data.
CHILLFAM Price Chart and Market Data. Source: Dexscreener

Currently boasting a $10 million market cap, CHILLFAM has surged almost 300% in 24 hours, highlighting strong early interest. If it can maintain this momentum and sustain its $10 million market cap, the coin could potentially aim for $15 million or even $20 million.

CHILLFAM’s RSI is at 43, suggesting that the token is in a slightly bearish to neutral zone. This level indicates that the recent rally may be cooling off, providing a period of consolidation. If buying interest returns, it could reignite bullish momentum and push CHILLFAM toward higher valuations.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP To Hit $40 In 3 Months But On This Condition – Analyst

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XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.

Can XRP Repeat 2017 Historical Price Movement?

In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017. 

Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings. 

Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future. 

Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.

According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.

XRP

Price Resistance Levels In XRP’s Dream Surge

While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price. 

Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.

At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.

XRP

Featured image from Trackinsight, chart from Tradingview



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Kraken Eyes Token Expansion as Trump Promises Crypto Support

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Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.

This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.

Kraken Plans to List 19 Tokens and Integrate 3 Blockchains

According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.

“Kraken lists BNB,” Binance founder Changpeng Zhao stated.

In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.

Kraken Token Listing Roadmap.
Kraken Token Listing Roadmap. Source: Kraken

However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.

Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.

Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.

Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.

Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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