SEC Increases Pressure on Binance Ahead of Gary Gensler’s Resignation
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Johny Smith
2024/12/28
3 mins read
The US Securities and Exchange Commission (SEC) has filed a new 81-page document in the case against crypto exchange Binance. This happened just a few weeks before the regulator’s leadership changed. According to experts, the regulator continues to insist on old arguments, including the claim that digital currencies allegedly have no intrinsic value.
Stuart Alderoti, Ripple’s chief lawyer, called the SEC’s actions absurd and recalled that many of these arguments had previously been rejected by the courts. The specialist emphasized that the agency prefers to ignore the changing reality, continuing to fight the industry based on outdated approaches.
Others in the crypto industry, such as lawyer John Deaton, have highlighted the inconsistency of the SEC’s arguments with the core principles of the Howey test. It is used to determine whether an asset is a security. Deaton cited SEC v. Joyner, which states that the intrinsic value of an asset is irrelevant when valuing it.
Against the backdrop of this situation, criticism of the current head of the SEC, Gary Gensler, is growing. Social media users and experts believe that his actions continue to harm the digital industry, even despite the upcoming change in leadership. Gensler is accused of deliberately delaying matters and increasing pressure on the market.
The departure of the head of the organization, scheduled for January 2025, raises hopes for a more constructive dialogue between the regulator and the crypto industry. However, the current actions of the SEC under his leadership cast doubt on the possibility of imminent changes. New documents on file Binance and the ongoing controversy surrounding the crypto market highlight the need for reforms at the Commission. To restore business and investor confidence, the new leader will need to rethink strategy and find a balance between protecting investor interests and supporting innovation.
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