The legal battle between the U.S. Securities and Exchange Commission (SEC), Binance (and its American arm), and its founder, Changpeng “CZ” Zhao, is about to enter a critical region. Both sides on the defensive are closing in on the discovery and depositions stage.
This joint report that they submitted to the court today indicates that they see none of the disputes that a judge should deal with. This clears the way to overcoming the problems that were imposed by a court’s order. Therefore, this order directed Binance to provide specific documents, and for Binance.US, it was necessary to establish independent systems, wallets, and personnel.
Binance.US has again been supplying the SEC with new information, which it claims is its last to be handed over. Coordinating exchange’s testimonies is a big step forward. The SEC is ready to review the submissions and identify any remaining vulnerabilities. The SEC and Zhao continue their discussions, during which they look to finalize all the remaining document requests to reach a final settlement rather than bring the court back in.
SEC eyes fines in Binance legal battle
The court order triggered the late stage of the lawsuit, which ended with Binance labeling its venture capital offshoot, Binance Labs, differently. A crucial deposition, known as Rule 30(b)(6), is soon to happen in the next month or so. Through this phase, we identify essential witnesses and documents, the feasibility of rule violation, and the likely consequences.
The SEC’s winning track, the Coinbase case, and Peter D. Failla’s rulings may influence the course of the Binance case. Compared to previous accusations that Coinbase faced, Binance may see the SEC imposing summary judgments about paying substantial fines in a possible agreement. Both parties are following a preparatory program in anticipation of the deposition that will help them clarify and resolve matters amicably.
Upcoming deposition to uncover legal issues
The joint report from the Commission and the Exchange indicates that the battle has reached a critical phase. The fact that they settled for now and that no current problems require a judge’s decision presents them as ready to go further. Therefore, that shows the discovery and deposition process might not have obstacles. The consent deal has already had a major impact on Bitgraph.
As the case progresses, the incoming Rule 30(b)(6) deposition will reveal some possible legal infringements and fines. In the meantime, the SEC and Binance parties remain in dialogue on the unresolved issues to resolve them peacefully.
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