Former SEC official comments on Binance.US’ request for protection

2023-8-17 03:40

Binance.US’s parent company’s request for a protective order on Aug. 14 to prevent securities regulators from making excessive demands may be on shaky grounds, according to one former official.

In its original filing, BAM complained that the Securities and Exchange Commission (SEC) demanded excessive information and depositions of numerous employees.

As such, BAM aimed to obtain a protective order from the courts. The requested order would allow the SEC to depose just four of BAM’s employees, excluding its CEO and CFO, while preventing the regulator from making overbroad inquiries. Those matters all relate to an ongoing case that the SEC initiated against Binance in June.

Former SEC official weighs in

The court has not yet dealt with Binance.US’s request. However, on Aug. 16, John Reed Stark — formerly the SEC’s Office of Internet Enforcement chief — weighed in on the matter and predicted the most likely outcome.

Stark said that it is likely that the SEC has demanded too much information and that BAM has requested too much in its protective order. He suggested that the two parties in the case will need to reach a compromise on the matter.

Stark added that the SEC previously obtained a consent order or temporary restraining order against Binance.US. This allows for expedited discovery, meaning that courts must resolve disputes more quickly than usual though the process is otherwise routine.

Stark also predicted that Judge Amy Berman Jackson would pass the matter to a magistrate judge, something that occurred later in the day. Judge Jackson referred Binance.US’s motion to Magistrate Judge Zia M. Faruqui in a court filing.

Stark finally noted that he believes that the U.S. Department of Justice (DOJ) will soon unseal or file an indictment related to Binance, complicating the SEC case further. Reports dating back to at least Aug. 2 suggest that those DOJ charges are forthcoming.

The post Former SEC official comments on Binance.US’ request for protection appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Binance Coin (BNB) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $562.5
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 230.72 (-100%)

former request official binance excessive making demands

Èñòî÷íèê: cryptoslate.com

former request → Ðåçóëüòàòîâ: 30


XRP Army Outraged Over New Hinman Docs, Role Of Ethereum’s Joe Lubin

Empower Oversight, a watchdog group, has released a new batch of documents obtained through a Freedom of Information Act (FOIA) request yesterday, sparking outrage in the XRP community. The documents reveal a deeper involvement of Ethereum co-founder Joseph Lubin and his company, Consensys, in the controversial June 14, 2018, cryptocurrency speech by former SEC Director […]

2023-8-4 11:30


Judge dismisses SEC’s request to furnish Ripple execs Garglinghouse and Larsen's financial records

Magistrate Judge Sarah Netburn granted Ripple’s motion to keep the records of its current and former chief executives private.  The SEC had requested the personal financial records of the past eThe post Judge dismisses SEC’s request to furnish Ripple execs Garglinghouse and Larsen's financial records appeared first on AMBCrypto.

2021-4-11 10:30


Ôîòî:

As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets

As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.

2019-3-5 20:20


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Rate hikes linked to 11 out of 14 past U.S. recessions, historical analysis shows

Quick Take The Federal Reserve and other central banks worldwide are approaching the end of a rate-hiking cycle, raising concerns about a potential recession. Historical data from Rosenberg Research, shared by QE infinity, reveals a concerning trend: out of the past 14 rate-hiking cycles since 1950, the United States has experienced a recession 11 times.