Bill Morgan, a prominent legal expert, has weighed in on the ongoing legal battle between Binance US and the U.S. Securities and Exchange Commission (SEC). Morgan’s recent tweets shed light on a crucial aspect of the case, specifically referencing the Ripple case and the implications it may hold for the larger cryptocurrency industry.
In a series of tweets, Morgan discussed the BAM defendants’ attempt to leverage Judge Torres’ findings related to blind/bid-type transactions on secondary exchanges. He raised a pertinent question what if the court handling the Binance US-SEC case either accepts or refrains from criticizing Judge Torres’ decision on programmatic sales? This point implies that the SEC’s actions could have broader consequences for the cryptocurrency market.
Morgan further speculated about the SEC’s motive behind seeking an interlocutory appeal of the Torres decision. He questioned whether the SEC anticipated that this decision could be used by Binance and other defendants in SEC v. Binance, as well as in other similar cases involving different exchanges and token sellers who utilize blind/bid sales.
Binance’s argument
Binance’s motion, which is at the center of this legal dispute, argues against the SEC’s endeavor to assert jurisdiction over all token sales classified as securities, even when they occur on exchanges as blind bids or ask transactions. Morgan’s comments underscore the urgency with which the SEC is pursuing an interlocutory appeal of the Torres decision, highlighting the significance of this case in shaping the regulatory landscape for the cryptocurrency industry.
As the Binance US-SEC saga unfolds, legal experts like Bill Morgan continue to scrutinize the intricacies of the case, emphasizing the potential ramifications for not only Binance but also the broader cryptocurrency market. The extent to which Judge Torres’ findings in the Ripple case may influence this ongoing legal battle remains a subject of keen interest and debate among industry stakeholders.
