Based on forthcoming developments, XRP supporter and cryptocurrency attorney Bill Morgan has identified a significant day for cryptocurrencies.
Morgan pointed out that the hearing will take place on June 13, and Binance’s answer to the SEC’s request for temporary restraining orders is due on June 12.
It’s interesting to note that the hearing’s date, June 13, falls on the same day as the publication of the Hinman documents and the House Financial Service Committee’s discussion of the future of digital assets. Morgan describes this day as significant for cryptocurrency.
The XRP enthusiast mentions that there could be another important event on that day, but he can’t remember it.
The SEC filed 13 allegations this week against the CEO of Binance, a cryptocurrency exchange, saying that it did not properly register as a broker-dealer and an exchange.
Additionally, the SEC filed a request for a temporary restraining order to freeze the assets of Binance.US.
The crypto market has responded to the recent SEC moves. Stuart Alderoty, the general counsel at ripple, criticises the SEC and claims that the claims made in the cases are “unproven.”
“The claims made in these lawsuits are simply that: accusations. Contrary to what Chair Gensler claims, the SEC does not possess a regulatory magic wand that it can wave to instantly declare tokens to be securities. I’m interested to see how the courts and congress react to this.
Latest developments in Binance, Coinbase lawsuits
Judge Jennifer H. Rearden in the Southern District of New York has been given the SEC v. Coinbase case, James K. Filan recently announced.
Paul Grewal, the chief legal officer of Coinbase, also gave an update on the Third Circuit’s brief order in Coinbase’s mandamus case. When the SEC filed a lawsuit against the exchange, the court took notice and questioned the regulator about if this meant they had chosen to reject the pending petition for regulation. Seven days are given to the SEC to reply.
Due to his agreement to serve as an advisor to the cryptocurrency exchange in 2019, SEC Chair Gary Gensler has been asked to withdraw from the Binance case.
