Binance CEO Changpeng “CZ” Zhao and the cryptocurrency exchange itself have jointly filed a motion to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC).

In a September 21 filing with the U.S. District Court for the District of Columbia, both Binance Holdings and Zhao contended that the SEC had exceeded its authority in the lawsuit.

In the 60-page petition, the legal representatives for Binance and Zhao accused the SEC of failing to provide clear guidelines for the cryptocurrency sector before initiating the lawsuit against the crypto exchange. As a result, they argued that the SEC was attempting to retroactively impose its regulatory authority over the crypto industry.

“In attempting to claim regulatory power over the crypto industry, the SEC distorts the text of the securities laws—reading the word ‘contract’ out of the statutory phrase ‘investment contract’,” reads the filing. “The SEC also seeks to enlarge its jurisdiction globally to include transactions on foreign cryptocurrency platforms, defying Supreme Court precedent holding that the agency’s regulatory authority ends at the U.S. border.”

The petition further stated that “the SEC pursues these novel theories retroactively, seeking to impose liability for sales of crypto assets that occurred as far back as July 2017,” before it actually provided any public guidance

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Author: Andrew Asmakov

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