SEC vs. Binance Lawsuit Update – Judge Rules BUSD Not a Security

SEC vs. Binance Lawsuit Update – Judge Rules BUSD Not a Security

  • Judge Amy Berman Jackson ends the discovery phase, seeking further proceedings by July 29.
  • The court dismissed the SEC’s claim on BUSD as securities, citing the US DOJ’s contradicting stance.
  • BNB’s price rises by 1.8% following the ruling, reflecting market optimism.

In a significant development for the ongoing legal battle between Binance and the SEC, a judge has ordered the discovery phase to be concluded, and dismissed the SEC’s claims that BUSD constitutes a security under securities law.

In recent court filings, Judge Amy Berman Jackson issued minute orders ending the discovery phase, requesting that both parties file a joint submission by July 29 to outline further proceedings. The judge clarified that this submission must include deadlines for any motions to amend the complaint or seek relief from the recent decision to dismiss certain claims.

Besides, the submission should address “whether and how discovery would commence if any motions to amend or for relief are filed, and whether discovery should proceed in phases.” 

A minute update outlining meeting plans was also added to the docket, directing the parties to confer on filing the re…

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