XRP enthusiast and crypto lawyer Bill Morgan has highlighted a monumental day for cryptocurrencies based on upcoming events.
Morgan noted that Binance's response to the motion of the SEC for temporary restraining orders is due on June 12, with the hearing on June 13.
The Binance response to the motion of the SEC for temporary restraining orders is due on 12 June and the hearing on 13 June. A monumental day for crypto. The day the Hinman documents are to be released, the day the House Financial Service Committee discusses the future of /1 pic.twitter.com/a8amTNnlVG— bill morgan (@Belisarius2020) June 8, 2023
Interestingly, the date for the hearing, June 13, coincides with the day the Hinman documents are to be released and the day the House Financial Service Committee will discuss the future of digital assets. Morgan refers to this date as monumental for crypto.
The XRP enthusiast highlights the possibility of another crucial event coming up on the aforementioned date, but memory fails him.
This week, the SEC filed 13 charges against the Binance crypto exchange and its CEO, alleging the company failed to register as an exchange and broker-dealer.
The SEC also moved to obtain a temporary restraining order to freeze the Binance.US assets.
The recent SEC actions have sparked reactions in the crypto market. Ripple General Counsel Stuart Alderoty criticizes the SEC, saying the allegations in the lawsuits are "unproven."
"The allegations in these suits are just that – unproved. The SEC – despite what Chair Gensler pretends – does not have a magic regulatory wand that it can just wave and say tokens are securities. Looking forward to how the Courts and Congress will take this."
Latest developments in Binance, Coinbase lawsuits
James K. Filan recently shared the update that the SEC v. Coinbase case has been assigned to Judge Jennifer H. Rearden in the Southern District of New York.
Coinbase's chief legal officer, Paul Grewal, also provided the update that the Third Circuit has issued a short order in Coinbase's mandamus action. The court noted the SEC's suit against the exchange and asked the regulator whether this implied it had decided to deny the pending petition for rulemaking. The SEC has seven days to respond.
Meanwhile, in the Binance case, SEC Chair Gary Gensler has been asked to recuse himself from the case given that he offered to be an advisor to the crypto exchange in 2019.