There has been a new development in the legal process initiated by the US regulator SEC against the Coinbase exchange. The stock market litigation has taken a new phase as a new judge has been appointed to replace Judge Jennifer Rearden.
New judge in SEC and Coinbase case announced
On June 6, the SEC sued Coinbase for selling unregistered securities. Jennifer Rearden was the judge in the case, which went through several hearings. In recent developments, Rearden has been replaced by Judge Katherine Polk Failla. This unexpected development came about a week after the day of the trial. Let’s say that Failla is an experienced name in crypto litigation.
Judge Katherine Polk Failla is currently controlling the SEC Coinbase case. She previously oversaw a cryptocurrency lawsuit involving Tether and Bitfinex. Therefore, he stands out as a knowledgeable and experienced name in cryptocurrency terminology.
The reasons for the change of judge are not yet clear
However, such changes are related due to the complexity of the case or other factors. It is important to note that the change of judge does not confer any particular advantage for Judge Rearden or the parties involved.
The outcome of the Coinbase lawsuit will have a significant impact for the cryptocurrency industry. Not only will the editor shape the landscape. It also sets a precedent for future cryptocurrency exchange-related legal action. Market participants remain hopeful for the growth and future of the industry as regulatory clarity improves.
Binance case has also moved to the second stage
The Binance-SEC fight, which started the day before the Coinbase lawsuit, entered a new phase yesterday with the settlement over the assets of Binance.US. Binance has taken a significant step towards securing US client funds and wallet keys. In a recent development, the company struck a deal with the SEC to shift all US client funds and wallet keys back to America’s shores. This move aims to comply with US regulations and provide a safe and transparent operational environment. As Kriptokoin.com, we have included the details in this article.
The Binance deal was to improve the security of cryptocurrencies held on the Binance platform by US customers. Through this collaboration with the SEC, Binance has confirmed its commitment to the regulatory framework established by the US authorities. The company aims to develop a secure and compliant platform for its users while protecting the interests of the wider cryptocurrency community.
We want to provide an update on the current battle https://t.co/AZwoBOh0gq finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…
— Binance.US 🇺🇸 (@BinanceUS) June 17, 2023
Binance’s decision to comply with the US regulatory framework came at a time when crypto exchanges were in crisis. Binance positions itself as a player in charge of cryptocurrencies. This initiative allows the company to protect its clients’ assets against any potential security risks. However, it demonstrates an effort to adapt to an evolving regulatory environment. With the recent court decision, he gained some advantage at this point.
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