U.S. judge orders Binance and SEC to resubmit joint status report on October 30

Odaily Planet Daily News According to documents submitted to the court on October 13, U.S. District Judge Zia M. Faruqui gave Binance, Binance.US, CEO CZ, and the U.S. SEC more time. He requested that the parties cooperate in required documentary discovery and witness testimony under a previous consent order. Binance, Binance.US and CEO CZ and the U.S. SEC submitted a joint status report on Wednesday, but Judge Faruqui was not satisfied with the performance of the parties. Plaintiff and Defendant were unable to reach any conclusion regarding the discovery request. The SEC argued that BAM only provided approximately 382 documents and refused to provide its position on the production of the remaining documents as the agency requested under the consent order. Binance.US stated that since the hearing on September 18, the SEC has made more unreasonable demands. Judge Faruqui asked all parties to submit a joint status report on October 30. At the same time, the SEC, Binance, and CZ will meet to discuss the requests. Paradigm Operations, meanwhile, has filed an amicus brief in support of Binance’s motion to dismiss the U.S. SEC lawsuit because the SEC lacks regulatory authority over cryptocurrencies. Paradigm earlier pointed out errors in the SEC's Howey Test regarding investment contracts and the word "scheme." Furthermore, it held that the SEC's definition of "investment contract" applies securities laws to ordinary asset sales. Paradigm believes that Congress must provide a cryptocurrency regulatory framework to prevent the SEC from imposing the power to regulate crypto assets. (CoinGape)