Binance, Binance.US, and CZ filed a motion to a US court on Thursday, asking to dismiss the Securities and Exchange Commission (SEC)'s lawsuit, claiming the allegations are plausible.
In June, the SEC sued Binance, Binance.US, and CZ for violating the securities laws. Binance's attorneys, on the other hand, claimed that the SEC overreached by filing the lawsuit and the allegations were unsubstantiated with facts.
The attorneys said in a filing, "The SEC recently brought several enforcement actions – including this action – premised on its new position that virtually all crypto assets, and virtually all cryptoasset transactions, are securities." In addition, the attorneys pointed out that the SEC tried to put crypto assets under its authority, but the regulator hasn't been given such power by Congress.
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