Hearing Date Set for Binance vs. SEC Lawsuit Motions in Ongoing Legal Battle – Here's What You Need to Know
In the ongoing legal clash between Binance, the prominent cryptocurrency exchange, and the US Securities and Exchange Commission (SEC), a significant hearing date has been scheduled for two crucial motions.
As per the recent court filing, Magistrate Judge Zia M. Faruqui has designated the hearing for Monday, September 18, at 1:00 PM ET.
The pivotal motions numbered 95 were filed by BAM Management and BAM Trading Services, the legal entity of Binance.US, and 102 by the SEC, respectively.
Motion 95, known as the protective order, aims to secure specific sensitive information filed by Binance's affiliates.
Meanwhile, Motion 102, presented by the SEC, opposes the protective order and seeks permission to file certain documents under seal.
On the scheduled date, Judge Faruqui will listen to arguments from Binance's affiliates and the SEC. The SEC is anticipated to argue against the protective order and request authorization to keep certain documents confidential.
In a joint motion submitted on Monday, Binance Holdings and Binance.US proposed a protective order to govern how sealed documents are treated and disclosed during litigation.
However, the US SEC has a different stance, seeking additional details from Binance.
Binance.US also submitted sealed documents for the proposed order and opposed the SEC's motion to compel, among other requests.
The filing made on September 12, is the latest development in the legal standoff between the SEC and Binance, where Binance.US has called the ‘compel and reply’ motion by the SEC unreasonable and “unduly burdensome.”
In the court documents, Binance.US argued that the depositions requested by the SEC are excessive. The defendant's attorneys highlight that the SEC's claims revolve around custody,
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