The U.S. Securities and Exchange Commission (SEC) on Monday defended its regulatory authority over certain cryptocurrency assets in a legal confrontation with crypto exchange Binance BNB/USD, as the latter urged a federal judge to dismiss the agency’s lawsuit against it.
What Happened: The hearing centered around Binance’s request for dismissal marks a pivotal moment in the ongoing debate over the SEC’s jurisdiction in the crypto sector, Reuters reported.
Binance has formally requested U.S. Judge Amy Berman Jackson to reject a lawsuit filed by the SEC, which accuses the exchange of rule violations and fraud, Reuters reported.
This lawsuit represents one of Binance’s significant legal hurdles in the United States.
Judge Jackson, however, did not issue an immediate decision, opting to take the matter under advisement.
Notably, Binance agreed to a $4.3 billion settlement with the Department of Justice and the Commodity Futures Trading…
