CandleFocus SEC Claims Secondary Trading of BNB and These 10 Tokens Qualifies as Securities Under Howey Test
2024-12-06
Author: Content Editor
The U.S. SEC has refused to dismiss its lawsuit against Binance, Binance.US, and former CEO Changpeng Zhao, accusing them of operating an unregistered securities exchange. The SEC argues that Binance's native token, BNB, and ten other cryptocurrencies qualify as securities. The case relies on the Howey Test, which examines the investment of money, a common enterprise, and an expectation of profit. The SEC dismisses criticisms from the crypto industry and defends its authority. Coinbase's legal chief criticized the SEC's inconsistent enforcement, while Ripple's legal officer accused SEC Chair Gary Gensler of rushing the lawsuit before leaving office. Crypto attorney John Deaton urged the SEC to reconsider the original Howey decision.
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