Binance and BAM (who run Binance.US) have responded to the SEC's proposed TRO and asset freeze!
and it's very dumb
https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.40.0.pdf
lots of table pounding
> First, the SEC has presented no evidence
if you ignore all the evidence they presented, sure
> After the SEC filed the complaint and TRO motion, one of BAM’s banking partners holding customer assets informed BAM that it would no longer service the company on June 14, 2023.
lol
BAM proposed a different order that they said wouldn't freeze literally all their assets and would let them keep running https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.41.8.pdf
apparently the SEC was fine with this, but Binance.com and/or CZ wouldn't sign, so the SEC brought the apocalyptic version
BAM is also going to try to argue from first principles and that Hinman speech that BNB isn't a security lol https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.41.0.pdf
lol BAM argues its independence from Binance.com, then presents evidence right here that Binance think BAM can't sign stipulations separately of Binance https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.41.6.pdf
man, this one is great https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.43.0_1.pdf "if it was illegal why didn't you stop us before huh?"
> And how is it that the sudden “emergency” happens to coincide with the SEC’s assault on the crypto industry as a whole, with Binance and Coinbase being sued on back-to-back days?
yeah that looks like an argument you make when you don't have an argument
> Mr. Zhao was born in China, raised in Canada, and resides in the UAE.
ok that's confirmed
i realise this is existential for binance US, but still.
soooo i think if the SEC was ok with BAM's proposal as long as all parties are bound by it, i’m guessing that's what is likely to go through?
anyway my brain is too scrambled to analyse this crap properly. and the hearing's tomorrow at 2pm eastern:
> A Hearing on the [4 Motion is set for 6/13/2023 at 2:00 PM in Courtroom 3 In Person before Judge Amy Berman Jackson.
i believe coindesk hope to attend in person
addendum: it's unlikely the SEC will get their 100% freeze without some pretty dire evidence. i think this is that thing where the SEC feel like they're being fucked around, so they counter with "how about we just kill you"
SEC TRO against Binance: so Binance filed OVER A HUNDRED exhibits last night, and they're all trash. Press articles, website scans, letters the SEC already filed. Might be some new stuff, but I'm gonna take my time.
anyway the judge responds:
> MINUTE ORDER. The defendants must inform the Court by 1:00 p.m. today of the differences, if any, between the terms of the consent decree [41-8] proposed by and acceptable to defendants BAM Trading Services Inc. and BAM Management US Holdings, Inc. and the proposed consent decree 54 submitted by and acceptable to defendants Binance Holdings Limited and Changpeng Zhao 54 . If there are any differences, identifying them may be accomplished with a chart or redline document. Also, the SEC must inform the Court by 1:00 p.m. today of exactly what changes need to be made to the BAM defendants' proposal [41-8] to allay the SEC's concerns regarding assets in the United States and render the order acceptable to the government as a means to govern the conduct of the parties pending the resolution of the case on the merits in lieu of the SEC's proposed TRO. This information would be most effectively presented with a redline document. No additional argument or explication may be submitted by any party at this time. SO ORDERED. Signed by Judge Amy Berman Jackson on 6/13/23. (DMK)
i.e. she's gonna make them agree to something and get this nonsense out of her court today, looks like
to repeat:
> No additional argument or explication may be submitted by any party at this time
"I don't have time for this shit, I'm not spending the next two years arguing minutiae."
however she just got an important education as to how binance will be comporting themselves