- Crypto lawyer Bill Morgan predicts a pivotal day for the crypto industry on June 13, marking the date of Binance’s SEC hearing, the release of the Hinman documents, and a House Financial Service Committee discussion on digital assets.
- The SEC recently charged Binance with allegations of failing to register as an exchange and broker-dealer, sparking industry reactions.
Bill Morgan, a pro-XRP lawyer, has pointed out an impending landmark day for the crypto landscape, citing crucial forthcoming events. Morgan identified that Binance’s response to the SEC’s motion for temporary restraining orders is due on June 12, with the hearing set for the following day.
Coincidentally, June 13 is not only the date for the hearing but also the day the Hinman documents are to be made public. Additionally, the House Financial Service Committee will discuss the future of digital assets on this day, further solidifying its importance for the crypto industry.
Adding another twist, Morgan hinted at another potential critical event scheduled for the same date, although he could not recall the specifics at the time of his statement.
In the past week, the SEC has launched 13 charges against the Binance cryptocurrency exchange and its CEO, alleging a failure on the company’s part to register as an exchange and broker-dealer. The SEC also endeavored to secure a temporary restraining order to freeze the assets of Binance.US.
These recent SEC actions have ignited a series of reactions within the crypto industry. Ripple’s General Counsel, Stuart Alderoty, castigated the SEC, dismissing the allegations in the lawsuits as “unproven.” Alderoty argued,
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“The SEC – despite what Chair Gensler pretends – does not have a magic regulatory wand that it can just wave and say tokens are securities. Looking forward to how the Courts and Congress will take this.”
In light of the recent lawsuits involving Binance and Coinbase, James K. Filan shared that the SEC v. Coinbase case has been delegated to Judge Jennifer H. Rearden in the Southern District of New York. Meanwhile, Paul Grewal, Coinbase’s chief legal officer, revealed that the Third Circuit has issued a short order in Coinbase’s mandamus action. The court queried the SEC if the lawsuit against the exchange indicated a decision to reject the pending petition for rulemaking.
The SEC has been granted seven days to respond.
In the case against Binance, SEC Chair Gary Gensler has been requested to recuse himself due to his offer to serve as an advisor to the crypto exchange in 2019.
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