Binance and its founder, Changpeng Zhao, have filed a motion to dismiss the US Securities and Exchange Commission’s (SEC) amended complaint. They argue that the SEC has failed to acknowledge a prior court ruling and that the expanded lawsuit contradicts the existing ruling. Binance highlights that the SEC’s position disregards the logical implications of the ruling, which suggests that secondary market resales of digital assets do not constitute securities transactions.
The defendants also argue that the amended complaint lacks a clear legal foundation to distinguish between assets involved in investment contracts and the investment contracts themselves. Binance is seeking the dismissal of the amended complaint and wants specific portions of the SEC’s requested relief removed from consideration.
