TechFlow news — According to documents filed in court on October 13, U.S. Judge Zia M. Faruqui expressed skepticism toward the efforts by the U.S. Securities and Exchange Commission (SEC), as plaintiff, and defendants including Binance Holdings, Binance.US, and CEO CZ, to resolve their dispute. The joint status report submitted by both parties indicates a lack of cooperation regarding document discovery and witness testimony.
Meanwhile, Paradigm Operations has filed an amicus brief supporting Binance's motion to dismiss the SEC's lawsuit, arguing that the securities regulator lacks authority in the cryptocurrency space. Judge Zia M. Faruqui has ordered Binance, Binance.US, CEO CZ, and the U.S. SEC to cooperate in accordance with the prior consent order for document discovery and witness depositions.
Binance, Binance.US, CEO CZ, and the U.S. SEC jointly filed a status report on Wednesday, but Judge Faruqui was dissatisfied with their progress. The plaintiff and defendants failed to reach any agreement on discovery requests.
The SEC argued that Binance Holdings (BAM) has produced only approximately 382 documents and maintains its refusal to provide the remaining documents as required under the consent order. Binance.US stated that the SEC has made additional unreasonable demands since the September 18 hearing.
Judge Zia M. Faruqui has directed the parties to file another joint status report by October 30, and the SEC, Binance, and CZ are scheduled to meet and discuss these requests.
