**SEC Dismisses Binance’s Arguments in Latest Filing**

The US Securities and Exchange Commission (SEC) has refuted Binance’s attempt to dismiss a lawsuit brought on by the regulatory body. The SEC stated that Binance’s motion to dismiss the lawsuit filed against it lacks a legal basis, as revealed in its response to the motion on Wednesday.

**Summary**

The SEC dismissed Binance’s motion to dismiss a lawsuit filed against it, stating that it has no legal grounds. The lawsuit, initiated in June, accused Binance of offering services to US citizens without registration, engaging in wash trading activities, and other claims related to securities laws. Binance had claimed that the SEC was overreaching its authority, which the SEC refuted with supporting evidence.

**How the SEC vs Binance Lawsuit Started**

In June, the SEC initiated legal proceedings against Binance, accusing the exchange of offering services to US citizens without registration, engaging in wash trading activities, and other securities-related violations. Binance was given until September 21 to respond to the SEC’s lawsuit and subsequently filed a motion to dismiss the case, arguing that the SEC was overreaching its authority over digital assets.

**SEC: Binance Has No Real Argument**

The SEC responded to Binance’s motion, citing the exchange’s Chief Compliance Officer admitting that Binance.US was operating without registration. The SEC refuted Binance’s arguments, stating that it would create a new “rigid framework” with no basis in existing law or legal precedents. The regulator also alleged that Binance’s sale of BNB during its ICO violated securities laws and that its staking and earning programs and the sale of BUSD as an investment contract also contravened federal securities law.

**Reactions Trail New SEC Filing**

There have been mixed reactions following the SEC’s latest filings, with some supporting the SEC and others favoring Binance. John Reed Stark, a former Chief at the SEC Office of Internet Enforcement, expressed that there is no comeback for Binance after this filing. Meanwhile, Paul Grewal, Chief Legal Officer of Coinbase, emphasized the importance of clarity from the courts and the need for comprehensive crypto legislation in the United States.

**FAQ**

**Q: What is the SEC accusing Binance of?**
A: The SEC lawsuit accuses Binance of offering services to US citizens without registration, engaging in wash trading activities, and other securities-related violations.

**Q: What was Binance’s response to the SEC’s lawsuit?**
A: Binance filed a motion to dismiss the lawsuit, arguing that the SEC was overreaching its authority over digital assets.

**Q: Who has supported the SEC’s latest filings?**
A: Former Chief at the SEC Office of Internet Enforcement John Reed Stark and Chief Legal Officer of Coinbase, Paul Grewal, have expressed support for the SEC’s filing.

**Q: What are the allegations made by the SEC against Binance in response to its motion to dismiss the lawsuit?**
A: The SEC refuted Binance’s arguments, alleging that Binance’s sale of BNB during its ICO violated securities laws and that its staking and earning programs and the sale of BUSD as an investment contract also contravened federal securities law.

**Q: What was the response of the former Chief at the SEC Office of Internet Enforcement, John Reed Stark, to the SEC’s filing against Binance?**
A: Stark expressed that there is no comeback for Binance after the SEC’s comprehensive pleading, emphasizing its power, compelling evidence, and strong support in both fact and law.