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Is Cryptocurrency Enforcement Dead? SEC Dismisses Another Crypto Action
The U.S. Securities and Exchange Commission filed a joint stipulation on May 29 with Binance, its related entities and its founder, Changpeng Zhao, to dismiss, with prejudice, the commission’s ongoing civil enforcement action against them.
Emily Kapur, co-chair of Quinn Emanuel Urquhart & Sullivan’s blockchain and digital asset litigation, and her partners, Bill Burck and Avi Perry, who are the lead attorneys for Zhao, said they are delighted that the SEC has dismissed its enforcement action against their client.
“This case never should have been brought,” the litigators said in an email. “We appreciate CZ’s trust in us and in the justice system, and we will continue to fight back against legal overreach in all its forms.”
The case dates back to June 2023, when the SEC accused Binance, its related entities and Zhao of artificially inflating trading volumes, diverting customer funds and misleading investors about its surveillance controls. About a year later, U.S. District Judge Amy Berman Jackson for the District of Columbia ruled that the SEC had brought plausible charges against the defendants.
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