{"id":23162,"date":"2023-09-30T07:32:57","date_gmt":"2023-09-30T07:32:57","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/paradigm-accuses-sec-of-bypassing-rules-in-binance-lawsuit\/"},"modified":"2023-09-30T07:32:59","modified_gmt":"2023-09-30T07:32:59","slug":"paradigm-accuses-sec-of-bypassing-rules-in-binance-lawsuit","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/paradigm-accuses-sec-of-bypassing-rules-in-binance-lawsuit\/","title":{"rendered":"Paradigm accuses SEC of bypassing rules in Binance lawsuit"},"content":{"rendered":"
Venture capital firm Paradigm has criticized the United States Securities and Exchange Commission (SEC) for bypassing the standard rulemaking procedures in its current legal action against the cryptocurrency exchange Binance.<\/p>\n
In a statement released on Friday, Sept. 29, Paradigm stated the SEC is attempting to use the allegations in its complaint to alter the law without adhering to the established rulemaking process. Paradigm firmly believes that the SEC is exceeding its regulatory boundaries and further stated that it strongly opposes this tactic.<\/p>\n
In June, the SEC initiated legal action against Binance,\u00a0accusing it of multiple violations of securities laws, such as operating without the necessary registration as an exchange, broker-dealer or clearing agency. Paradigm also underscored that the SEC has been pursuing similar cases against various cryptocurrency exchanges lately and voiced apprehension that the SEC\u2019s stance \u201ccould fundamentally reshape our comprehension of securities law in several critical aspects.\u201c<\/p>\n