Influential US crypto industry leaders say SEC overstepped with Binance allegations
crypto company: Binance.
Stablecoin issuer Circle Internet Financial Ltd. and crypto investment fund Paradigm Operations submitted filings this week arguing that the Securities and Exchange Commission had overstepped its authority when it filed charges against the world’s biggest crypto exchange in June.
The SEC has alleged that Binance engaged in what the regulator described as “an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law.”
Binance has called the complaint “disappointing,” and said it had engaged with the SEC in good-faith negotiations to settle the matter.
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View Details»Paradigm filed an amicus brief in support of Binance’s recent move to dismiss the case. The crypto fund said in its filing that the SEC has pursued “an incoherent approach” to regulating cryptoassets, and that those attempts were premised on a “mistaken assertion” that crypto falls within the remit of existing laws.
“The agency’s arrogation of authority cannot stand, regardless of whatever the SEC may say about a particular defendant—unsavory allegations should not define the scope of an agency’s powers,” Paradigm said in the filing, adding that it has no financial interest in Binance.
Circle, which issues the USDC stablecoin and counts Binance-rival Coinbase Global Inc. as a minority owner, submitted a motion of “support of neither party.” The filing represented a way of
