- Judge encourages SEC and Binance US to work together during Monday’s hearing.
- SEC asked to narrow its request for information from Binance US.
- Binance US advised to provide additional details about its custody solution.
In a hearing on Monday, the judge chose not to make a decisive ruling against either the U.S. Securities and Exchange Commission (SEC) or Binance US. Instead, both parties were encouraged to work collaboratively to resolve their disagreements. The judge requested that the SEC narrow down its request for information from Binance and that Binance, in turn, provide more detailed information regarding its custody solution.Read CRYPTONEWSLAND on google news
This comes amidst heightened scrutiny of cryptocurrency exchanges and financial activities within the United States. Regulatory concerns have been a point of contention between various exchanges and the SEC, and the judge’s decision seems aimed at facilitating a more cooperative and transparent exchange between the two parties.
The SEC was specifically asked to focus its information request to make it easier for Binance US to comply. On the other hand, Binance US was instructed to be more transparent about its custody solutions, a key issue that has been ambiguous in previous interactions between the company and the SEC.
While the judge’s encouragement for cooperation doesn’t provide a clear direction for the case, it does signify an intention for less adversarial and more collaborative legal processes moving forward. This could potentially be beneficial for the broader cryptocurrency landscape, as clarified regulations and compliance measures could emerge from such collaborative efforts.
In a recent hearing, the judge encouraged the SEC and Binance US to work together, asking the SEC to narrow its information requests and Binance to provide more details about its custody solutions. This could be a positive step towards resolving ongoing regulatory challenges in the crypto industry.
Recommended News :disclaimer read more
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.