The U.S. District Court approved the SEC to exceed the typical page limit responding to motions filed by defendant in the Binance lawsuit. By Bhushan Akolkar 51 minutes ago
Highlights
- The court allows the US SEC to submit a combined response in Binance lawsuit for judicial efficiency.
- The SEC is set to submit its response by December 4, 2024.
- Binance’s native crypto BNB is holding key support at $600, and analysts suggest the coin could see a significant upward trajectory.
Binance Lawsuit: A district court has granted the U.S. Securities and Exchange Commission’s (SEC) motion to file an omnibus brief in response to the lawsuit dismissal. The motion came in response to requests by Binance, Changpeng Zhao and Binance US to dismiss the amended complaint. The court’s decision on the dismissal of the complaint is still pending.
US SEC Can Extend the Briefing in Binance Lawsuit
The US SEC had requested permission to exceed the typical page limit under local rules, citing the complexity of the motions, which involve multiple legal arguments. Judge Amy Jackson approved the request, allowing the SEC to submit a combined response that will not exceed 70 pages. This extension grants the SEC additional space to address the legal points raised by both sets of defendants in the ongoing Binance lawsuit, per the district court filing.
The dismissal motions filed by Binance Holdings Limited, Changpeng Zhao, and BAM Trading Services Inc., currently stand null and void as of now. The defendants had filed separate motions to dismiss the SEC’s amended complaint in early November. Binance argued the overlapping of legal arguments across SEC’s collective 90-page submissions.
However, the SEC stated that it would consolidate all responses into a single document to promote judicial efficiency and avoid duplication across separate filings. While Local Rule 7(e) allows 45 pages per response brief, the SEC will now be able to provide a combined response following the court order.
The SEC’s response is due by December 4. Both Binance and BAM have indicated they do not oppose the SEC’s request. Last month, the U.S. District Court issued a scheduling order extending the Binance lawsuit to 2026.
BNB Coin Hitting Fresh All-Time High Soon?
While the rest of the crypto market has delivered a massive surge following the Donald Trump victory, Binance’s native BNB Coin hasn’t shown much movement due to the recent order in lawsuit. However, the BNB bulls are holding the line at the crucial support level of $600.
As of press time, the BNB price is 1.5% down at $620 with its market cap slipping under $90 billion. But BNB reversed the trajectory after retesting the support at $600 earlier today hinting the path ahead to a new all-time high.
$BNB giving great risk reward on this re-test. LONG. pic.twitter.com/HUFNlJrOtl
— 𝙋𝘼𝙉𝙄𝘾 (@panicselling) November 27, 2024
If the current market trend persists, analysts expect BNB Coin (BNB) to rally 150% from here as reported by CoinGape. The BNB derivatives data shows that the open interest remains flat at $911 million while options trading volume surged 47% to $1.15 million. Also, in the recent pullback, the BNB long liquidations have surged past $2.16 million, per the Coinglass data.
