Best Crypto to Buy Now September 22 – ApeCoin, Stellar, Litecoin
Binance is pushing back on a lawsuit filed against it by the Securities and Exchange Commission (SEC) in its own legal filing made on September 21.
In the legal filing, Binance and its founder Changpeng Zhao allege the SEC has overstepped its authority and failed to provide regulatory clarity for the crypto industry before taking action against the company.
Considering these recent developments with Binance, what is the best crypto to buy now?
The 60-page petition accused the SEC of attempting to retroactively impose its control over the crypto market by distorting securities laws.
It stated that the SEC is unlawfully seeking to extend its jurisdiction globally to transactions on foreign cryptocurrency platforms.
Binance Holdings and Zhao contend that the SEC lacks the authority to impose liability for crypto asset sales dating back to July 2017, before the agency offered public guidance on digital assets.
They argue the SEC has no legitimate power over cryptocurrency exchanges and have asked for the claims to be dismissed entirely.
The SEC filed suit against Binance, its affiliates, and Zhao in June, alleging the unlawful offer and sale of unregistered securities.
The complaint also claimed that billions in customer funds were comingled into an account controlled by Zhao.
Since then, the SEC has increased pressure on Binance, citing a lack of transparency. A stipulation of a recent deal prevented Zhao from accessing U.S. customer funds.
The regulatory scrutiny has substantially decreased trading activity on the Binance U.S. exchange.
Volumes have dropped over 98% since September, and a third of Binance.US staff were laid off this month, including its CEO.
The outcome of the dismissal motion remains uncertain as the legal battle
Read more on cryptonews.com
