The largest encryption exchange in the world, the Securities and Stock Exchange Committee agreed to end one of the most suburbs – and continuous – in the United States against Chefir. In a joint file submitted to a federal judge in New York on Thursday, Binance and SEC requested a federal judge to reject the case.
A spokesman for the federal organization did not immediately respond to the comment. “We are very grateful to the Chairman of the Board Paul Atkins and the Trump administration on his awareness that innovation could not flourish under organization through implementation,” said a spokesman for Binance, in reference to the current SEC president.
The suspended chapter puts an end to a battle for nearly two years between SEC and Binance. In 2023, the agency, during the era of President Joe Biden, alleged Binance has violated US Securities Laws in what the former head of the Securities Council and Stock Exchange Gary Ginsler said was a “wide network of deception.”
At that time, the Securities and Stock Exchange Commission provided 13 charges against the stock exchange and claimed that the encryption company allows us to reach the external stock exchange, or broken customer funds, and offered unregistered securities, or financial assets such as shares and bonds that must be committed to organizational supervision.
The Binance suit was one of the many SEC submitted against the encryption companies after the fall of Crypto Exchange FTX in late 2022. The agency also targeted CoinbaseGemini, Krakin and a group of other companies, as Jinsler, the former president, claimed that the vast majority of encrypted currencies are unorganized securities, and thus in violation of American financial law.
In response, the encryption industry launched one of the most expansionary impact campaigns in political history and spent more than 130 million dollars to elect the profit supporters. The executive officials in the industry also assembled Trump, who soon announced that he was the head of “pro -captain” amid a flood of donations in the campaign.
When the forty -fourth president held his position in January, his administration adopted in support of profit. These included executive orders to create a strategic bitcoin reserve, amnesty for prominent encryption numbers, and the elimination of an enforcement unit specialized in the Ministry of Justice.
In February, SEC and Binance stopped to its ongoing legal battle as the two looked at “facilitating the potential analysis of the case.” Meanwhile, the organizer dropped most of the lawsuits arising from encryption companies, including Coinbase.
The case against Binance was one of the few distinguished encryptions that SEC did not refuse. In May, a Trump family coding company announced that it had facilitated an investment of two billion dollars from an investment company in Abu Dhabi to Binance.
This story was originally shown on Fortune.com
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