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CZ ‘goes up’ on the SEC and claims that the regulator doesn’t ‘say anything with anything’
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Binance founder and former CEO Changpeng “CZ” Zhao has intensified the legal battle against the United States Securities and Exchange Commission (SEC), claiming that the American regulator does not even understand what it is saying about the cryptocurrency market.
In a new chapter of this conflict, on November 4, 2024, lawyers for CZ and Binance filed a motion to dismiss the SEC’s amended complaint, arguing that the regulator misapplies securities laws to digital assets.
CZ’s defense argues that the SEC is mistaken in classifying the resale of cryptoassets on the secondary market as securities transactions, ignoring a court ruling that clarifies that cryptoassets themselves are not considered securities.
“The SEC insists on treating almost all cryptocurrency transactions as if they were securities, simply because some buyers could expect the asset to appreciate in value,” argues CZ’s defense team. This generalist approach, they say, goes beyond the scope of securities regulations.
CZ vs. SEC: Blind Transactions and Lack of Regulatory Clarity
The SEC’s amended complaint, filed in September, added new tokens to the list of targeted assets, including Axie Infinity Shards (AXS), Filecoin (FIL), Cosmos’ ATOM, The Sandbox’s SAND, and Decentraland’s MANA.
Binance, however, demands that these allegations be dismissed with “prejudice,” which would prevent the SEC from reopening the case against these specific assets.
One of the most controversial points in the SEC’s complaint involves the concept of “blind transactions,” in which buyers do not know who the sellers are.
The SEC alleges that Binance sold BNB tokens in blind transactions on its exchanges, which allegedly constituted a securities transaction. CZ’s legal team countered this interpretation, maintaining that these transactions do not meet the criteria to be classified as securities.
CZ’s defense also criticizes the lack of consistency in the SEC’s decisions. Binance lawyers cited the SEC’s recent decision to drop charges against Ethereum transactions, which were initially considered investment contracts but were later dropped without explanation.
“This inconsistency creates confusion and uncertainty for market participants and does not provide a clear path as to which cryptocurrency transactions the SEC actually considers to be securities,” stated one of CZ’s lawyers.
CZ ‘goes up’ on the SEC and claims that the regulator doesn’t ‘say anything with anything’
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CZ ‘goes up’ on the SEC and claims that the regulator doesn’t ‘say anything with anything’
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CZ ‘goes up’ on the SEC and claims that the regulator doesn’t ‘say anything with anything’
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CZ ‘goes up’ on the SEC and claims that the regulator doesn’t ‘say anything with anything’
