Judge Amy Jackson has sent BinanceUS’ protective order motion to Magistrate Judge Faruqui for resolution.
The recent news about the lawsuit by the US Securities and Exchange Commission (SEC) against Binance, BinanceUS, and CEO Changpeng Zhao has a new update. Judge Amy Jackson has asked Magistrate Judge Faruqui to deal with a request for a protective order made by BinanceUS. Before this decision, John Reed Stark, a former SEC official, had made a few guesses about what might happen with BinanceUS’ request and the motion to involve a magistrate judge.
Ex-SEC Chief’s Forecasts Regarding BinanceUS’ Protective Order
The request for a protective order made by BAM Trading Services and BAM Management US Holdings is now being looked into by Magistrate Judge Faruqui, according to a document filed in the court.
Judge Amy Berman Jackson has asked Magistrate Judge Faruqui to help settle the argument between BinanceUS and the SEC about things mentioned in the protective order. BinanceUS is saying the SEC is asking for too much, going beyond what they agreed to, and wants the court to stop the questioning of BinanceUS’ CEO and CFO. They also want the SEC’s requests that have nothing to do with the case to be rejected.
John Reed Stark, who used to work at the SEC, predicted that Judge Jackson would ask Magistrate Judge Faruqui to decide on Binance’s request for a protective order, and he was right.
Stark believes the judge will tell Binance to give most of what the SEC asked for. But the judge might get rid of some requests that are the same or way too broad. Stark thinks that a lawsuit from the U.S. Department of Justice (DOJ) against Binance is coming soon, and it will have a big impact on Binance.
“The upcoming DOJ case related to Binance, which I think is very close, will make things complicated for the SEC/Binance civil case, causing some confusion and trouble during the process.”
Binance Aims to Drop Lawsuit
Binance and CEO CZ said they want to stop the SEC lawsuit and also the CFTC lawsuit. But because BinanceUS is also part of the SEC lawsuit, it’s hard to completely stop it. So, Binance and BinanceUS agreed to keep their money, hardware, and teams separate from each other, as the SEC said.
At the same time, Coinbase asked for the US SEC lawsuit to be dropped. They’re saying the SEC is doing things it shouldn’t. Senator Cynthia Lummis also said she supports Coinbase in this case.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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