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Binance vs SEC: $1B Defense
Last Updated: June 13, 2023
✓ Fact Checked
BINANCE'S $1B DEFENCE GAMBIT
The hearing on the freezing of assets of Binance.US will take place today.
According to rumors, Binance has allocated $1 billion for legal proceedings with the SEC. What is certain is that they have already hired new lawyers.
George Canellos has worked both at the SEC and the U.S. Department of Justice. He is often referred to as the "Terminator of the legal scene."
The future prospects of the cryptocurrency industry depend on the dispute with the SEC. Prosecutor John Reed-Stark, who is involved in the case, has already hinted at this.
The Prosecutor of the Department of Justice stated that they will seek imprisonment for those found guilty of crimes on Binance.
Therefore, it is not surprising that the exchange has decided not to spare any expenses on attorneys. The company hopes that George Canellos' extensive experience and influence will help them defend their rights.
Meanwhile, the freezing of assets of Binance.US threatens the liquidation of the exchange (specifically the American division of Binance).
Will they begin their path to victory in court today? We will keep you updated on the case!
TL;DR: Binance.US faces a critical court hearing today over asset freeze, with $1 billion allocated for legal proceedings. George Canellos, an ex-SEC legal expert, joins Binance's defense, raising hopes for a favorable outcome.
Legal Storm Intensified
The hearing at Binance is about to begin, seemingly in full swing... but will the events unfold as rapidly in the future?It remains highly unclear, with additional factors described in the Bite-Sized News: the surfacing of another video featuring Gary contradicting himself and the anticipation of the Ripple case...
Meanwhile, did someone accidentally get forgotten?
The legal proceedings against Sam Bankman-Fried could drag on for "months or years," according to lawyers of the former crypto-'king'.
The start of the trial is scheduled only for October 2023. As you remember, SBF remains under house arrest following his extradition from the Bahamas. The former FTX CEO is facing multiple charges, including fraud and money laundering.
His lawyers pointed out that the charges brought by the Department of Justice after his extradition contradict the agreement between the United States and the Bahamas. Now, the businessman can challenge attempts to bring new charges in foreign courts. This process could take months or even years.
These arguments have been supported by the U.S. Supreme Court, which narrowed the scope of certain federal laws pertaining to fraud allegations against SBF. Overall, this weakens the arguments that Bankman-Fried deceived investors. Unbelievable.For instance, lawyers succeeded in overturning the provision stating that Alameda Research clients cannot recover their funds after the firm's liquidation. Quite surprising, right?
Challenging each aspect of such international charges significantly prolongs the duration of the legal dispute… P.S. It has been exactly 7 months since the FTX collapse.
TL;DR: Legal proceedings against Sam Bankman-Fried could be prolonged. Arguments supported by the U.S. Supreme Court weaken fraud allegations, extending the dispute.
COOL FACTS TUESDAY
On the Bitcoin network, 3D video games may emerge.'
The developers of the Ordinals protocol have introduced a new solution called "Recursive inscriptions".
This feature allows inscriptions to reference the content of other inscriptions (which was not possible before), enabling:
- Overcome the 4 MB block size limit.
- Enhance the efficiency of NFTs.
- Save on transaction fees when issuing NFTs; aka 'inscribing digital artifacts'
- Invent new use cases for NFTs, including the development of complex 3D video games or creating an internal internet.
Well, although this seems cool, we will definitely not be spared from new pyramid scams, haha.
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