Binance and Binance.US have responded to the U.S. Securities and Exchange Commission (SEC) lawsuit against them, with Binance.US arguing that the regulator’s push for a temporary restraining order would prevent it from paying employees, vendors, or anyone else. District Judge Amy Berman Jackson, of the D.C. District Court, ordered Binance and Binance.US to describe any differences in their proposed stipulations by 1:00 p.m. ET (17:00 UTC), an hour before the hearing is set to begin.
The SEC seeks unnecessary and unjustified relief. Far from requesting relief that is ‘carefully calibrated’ to ‘maintain the status quo’…the SEC’s proposed remedies would effectively end BAM’s business, the filing said, calling the proposed temporary restraining order “draconian.”
The SEC’s filing calls for any restrictions to also cover staking services and AWS access. Ripple, which also faces an SEC lawsuit, published emails from officials deliberating the text of former SEC Director of Corporation Finance William Hinman’s famous 2018 speech in which he said Ether was not a security, probably.
The SEC and Binance and Binance.US will face off in court today, with Judge Jackson ordering the SEC to describe what changes it wants from the Binance.US proposal that would make it acceptable to the agency in lieu of the proposed temporary restraining order.