Court says it doesn’t need to “wordsmith” Binance and SEC’s announcements
The court in which the SEC is in charge of the ongoing litigation against Binance said it does not need to amend the parties’ public statements against Binance. June 26th.
A related order signed by Justice Amy Berman Jackson declares:
“While all attorneys in this case should abide by their ethical obligations, it is neither necessary nor appropriate for the court to engage in fabricating the language of the parties’ press releases.”
The order also said there was no need to re-emphasize at this time that lawyers should meet ethical requirements. He further said it was not clear whether the public relations statements released so far would have a material impact on the proceedings.
The Court further established a schedule of proceedings by unrelated but concurrent orders. There, it said that Binance’s response petition is due September 21st, the SEC challenge is due November 7th, and all responses are due December 12th.
It is not yet known when the case will be fully closed.
Binance says the SEC made misleading statements
The latest development is the outcome of the first three weeks of the US Securities and Exchange Commission (SEC) lawsuit against Binance.
After the SEC filed charges against Binance and related parties on June 5, authorities asked the court to restrict Binance’s movement. Binance.US-Related Funds. Binance and the SEC have since reached an agreement to ease restrictions on corporate and customer funds.
Then, on June 21, the U.S. Securities and Exchange Commission (SEC) issued a press release indicating that the agreement had been reached.
Binance immediately countered that the SEC press release contained misleading facts. The SEC announcement specifically suggested that Binance members may have “mixed” or “diverted” funds. The SEC also said the court found the related allegations to be true, even though the lawsuit is still ongoing.
As a result, Binance asked the court to stop the SEC from making misleading statements, a request that has now been denied in its latest motion.
The Post Court says that since the Binance and SEC announcements were first posted on CryptoSlate, there is no need to “manipulate the language.”
