Lawyers representing Binance and former CEO Changpeng "CZ" Zhao have filed a motion to dismiss the Securities and Exchange Commission's (SEC) lawsuit against them. The lawyers argue that the SEC has failed to provide a clear standard for determining which crypto asset transactions qualify as investment contracts. They also criticized the SEC for refusing to accept that secondary market resales of crypto assets are not "securities" transactions. The SEC initiated the lawsuit against Zhao and Binance in June 2023, which is separate from the criminal charges brought against them by the Department of Justice.



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