SEC Takes Legal Action Against Binance: Significant Shake-up in the Altcoin Market

The Securities and Exchange Commission (SEC) launched legal action against two major exchanges, Binance and BinanceUS, last week, leading to a reclassification of numerous altcoins as securities. Gary Gensler, the Chairman of the SEC, indicated in his remarks today that the Howey Test has largely yielded positive results for many altcoins. He further hinted at the flexible application of the four-point test on tokens, signifying his intent to intensify scrutiny on altcoins. Recent Development from Binance Binance’s lawyers made the initial formal objections and partial defenses on Monday (according to the US time zone) against the lawsuit. Ahead of Tuesday’s hearing concerning the sought-after restraining order, which would effectively freeze BinanceUS’s assets, a new filing from Binance argued for the rejection of SEC’s action. Binance, Binance CEO Changpeng Zhao, BAM Trading, and BAM Management responded on Monday to the SEC’s original complaint and subsequent ban order. They argued, “The SEC’s […] The post SEC Takes Legal Action Against Binance: Significant Shake-up in the Altcoin Market appeared first on COINTURK NEWS.