US rejects request to freeze Binance account

The US Securities and Exchange Commission (SEC) filed a motion in federal court on June 12 seeking an order to freeze the assets of Binance and Binance.US. However, in a hearing on June 14 (Vietnam time), the request was denied.

"Shutting down Binance.US would have significant consequences for the exchange and the digital asset market in general," Judge Amy Berman Jackson said in rejecting the SEC's request. According to Coindesk , the judge criticized SEC lawyers for "rushing" when they failed to prove that CZ - CEO of Binance or anyone else had access to users' private keys.

SEC wants to consider cryptocurrencies as "securities" and subject them to regulation by the commission

The SEC also failed to satisfy the judge on questions that revolved around “What makes a digital asset a security?” and if it’s not a “security,” is it a commodity? Matthew Scarlato, an attorney for the SEC, said the regulator provided several examples of cryptocurrencies it believes are securities in the complaint.

In the US, “commodities” are regulated by the Commodity Futures Trading Commission (CFTC), while “securities” are regulated by the SEC. There is currently no regulation that determines whether cryptocurrencies can be considered commodities. The SEC considers cryptocurrencies to be “securities,” while Binance’s US representative asserts that the cryptocurrency issued by Binance (BNB) is a “crypto asset.”

Although he failed to ban Binance.US, Judge Jackson said the SEC and Binance could find common ground on a new agreement. He ordered the two sides to continue negotiations and if they reach a common agreement, “no injunction is necessary.” The SEC and Binance must report the details of the agreement to the court by June 15.

While the SEC continues to file lawsuits against Binance and Coinbase, the community has paid much attention to SEC Chairman Gary Gensler for his statements about cryptocurrencies. He used to be one of the leading professors teaching blockchain in the US, but now, as the head of the SEC, Gensler has taken action against companies operating in the cryptocurrency field.

In 2018, Mr. Gensler spoke at an event organized by Bloomberg, asserting that 70% of assets in the cryptocurrency market were not securities. In the fall of the same year, while lecturing at the Massachusetts Institute of Technology (MIT) on "Blockchain and Currency", he himself asserted that initial public offerings (ICOs) did not violate US securities laws, and re-argued that three-quarters of the cryptocurrency market was not securities but commodities, cash, and cryptocurrencies.

But things took a 180-degree turn when he took on the role of SEC chairman. In his new role, Gensler asserted that most cryptocurrencies are securities and therefore subject to SEC regulation. "Gensler's inconsistent statements show that he is a hypocrite," ZK Shark, one of the most influential figures in the cryptocurrency community, commented on Twitter. On June 12, US Representative Warren Davidson called for Gary Gensler to be fired through a proposed bill to restructure the commission.

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