CandleFocus SEC vs Crypto : Gary’s Final Strike on Crypto Before Departure
2024-12-06
Author: Content Editor
SEC Chair Gary Gensler has filed an 81-page document opposing Binance's motion to dismiss its lawsuit, labeling Binance Coin (BNB) and ten other tokens as securities. The SEC accuses Binance of promoting secondary markets for these tokens and encouraging investors to view them as profit-making opportunities. The SEC's case is based on the Howey Test, which determines whether something is a security. Notably, the filing does not include Ethereum (ETH) and Bitcoin (BTC), leading to questions about fairness. If the SEC wins, tokens labeled as securities could disappear from platforms like Binance, resulting in stricter rules and potentially slowing innovation and growth in the crypto market. Gensler's move could be seen as his last significant action in the crypto world before leaving his position.
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