After Binance.US filed a motion for a protective order and the U.S. Securities and Exchange Commission filed in opposition to the order, both parties have filed a joint stipulation and proposed order. Moreover, the latest court filing also hints at the contents of the SEC’s motion to file ‘document under seal’ that has many to brace for looming bad news.
Binance.US And US SEC Files Joint Stipulation and Proposed Order
Attorneys for plaintiff U.S. SEC and defendants BAM Trading Services and BAM Management US Holdings (Binance.US) filed a joint stipulation and proposed order, according to a court filing on September 5. A stipulation is a formal legal agreement between opposing parties before a pending hearing or trial.
The filing is related to the motion for a protective order by Binance.US and opposition to the protective order by the U.S. SEC. The exchange argued that the SEC is exceeding the agreed-upon consent order, and requests the court for an order to preclude depositions of BinanceUS’ CEO and CFO, and reject the SEC’s demands that have nothing to do with the case.
The U.S. SEC has agreed with Binance.US to let it file a single memorandum in response to the opposition and motion by the SEC to file ‘document under seal’. Both parties requested a court order on BAM Trading Services and BAM Management US Holdings filing opposition on September 11.
What’s In SEC’s Secret Filing
The latest filing in the US SEC v. Binance lawsuit reveals that the SEC’s secret filing on August 28 is about opposition to the motion for a protective order. In addition, a motion to compel and for other relief. A motion to compel asks the court to enforce a request for information from an opposing party, typically in discovery disputes.
The SEC likely compels Binance.US to submit a financial report and other details as per an earlier consent order. The SEC is also seeking relief in the lawsuit. However, there are no details on it as the filing remains confidential.
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