On November 8th, it was reported that the United States Securities and Exchange Commission (SEC) stated in legal documents that Binance and its CEO CZ operated a securities trading platform in the United States without being registered, violating Section 5 of the Securities Act. The SEC accused Binance of providing and selling BNB tokens to US investors through its employees, and inducing investors to purchase through encrypted cryptocurrency investment projects such as BUSD, which constitutes unregistered investment contract sales. The SEC requested that the court reject Binance's motion, maintain the securities legal system, and impose legal sanctions on the relevant responsible parties. Previously, Binance US and its affiliated organizations requested that the District Court of Washington, D.C. reject the lawsuit filed by the United States Securities and Exchange Commission (SEC), stating that its accusations of money laundering transactions were "unsupported by facts". <br>In June, the SEC accused Binance US, which is affiliated with Binance Holdings Limited and BAM, of allowing Sigma Chain, a trading company owned by Binance CEO CZ, to conduct money laundering transactions.

Fox journalist Eleanor Terrett posted on X platform that the Financial Services and General Government (FSGG) bill released by the US House Appropriations Committee will be voted on by the Rules Committee at 4 pm Eastern Time and then submitted to the House of Representatives. This includes an amendment by Tennessee Congressman Rep Tim Burchett to reduce SEC Chairman Gary Gensler's salary to $1. It also includes an amendment to cut funding for the US Securities and Exchange Commission in cryptocurrency enforcement.

The US SEC has struggled to fill vacant Crypto Assets Specialist positions, with several crypto experts declining offers to work with the regulator. As of September 30, 2023, 491 out of 5,303 authorized positions in the SEC's office remained unfilled, including positions in the Division of Examination, Trading and Markets, and Enforcement. The SEC has cited a small pool of qualified experts and competition with the private sector as challenges in filling these positions, and the agency's prohibition on staff holding crypto assets has also been a hindrance. Filling these vacancies is a priority for the SEC in the next fiscal year to address gaps in the regulation of crypto activities in the US.

US Securities and Exchange Commission (SEC) has advanced the Terra lawsuit process by submitting a motion for summary judgment. The SEC claims to have "undisputed" evidence of Terraform Labs' former CEO Do Kwon and the company's alleged misconduct. The SEC's filing alleges that Terraform and Do Kwon orchestrated a fraudulent scheme that ultimately resulted in $45 billion in losses, including devastating losses to US investors. The SEC's motion for summary judgment further states that the defendants fabricated Terra blockchain activity to create the appearance of non-existent real-world transactions on the blockchain. They lied to investors about the stability of Terraform's so-called stablecoin while concealing secret transactions with third parties to save the asset from collapsing. Previously, Terraform Labs and Do Kwon's lawyers submitted a motion for summary judgment in an attempt to quickly dismiss the case.

The request follows a move by Kwon's defense team to do the same.

Grayscale won a lawsuit against the SEC in August, and the Washington DC Circuit Court of Appeals made an official ruling last week. Last month, the company submitted an application to the SEC to register GBTC stocks on the S-3 form under the 1933 Securities Act. The SEC needs to sign this form and the 19b-4 document submitted by NYSE Arca on behalf of Grayscale in order to continue the conversion. Jay Gould, special advisor to Baker Botts law firm, expects NYSE Arca to resubmit the 19b-4 on behalf of Grayscale, as this may be the fastest and most effective solution. If the SEC rejects the request again, Grayscale may find it necessary to "return to court."

Decentralized finance (DeFi) protocol SafeMoon has responded to the recent lawsuit by the US Securities and Exchange Commission (SEC) and expressed its intention to seek a solution. The project posted on X platform that they are reviewing the recent news and take these issues very seriously. They will do their best to resolve the problem as soon as they receive more information. Meanwhile, their team continues to build, focus on providing services to users, building their vision, and advancing their mission. Jinse Finance reported that SEC accused SafeMoon executives of fraud and offering unregistered securities.

PayPal has confirmed that the SEC has requested documents related to its PYUSD stablecoin, which is co-managed by Paxos. This move marks the latest regulatory action taken by the SEC against the crypto industry, following its lawsuit against the Binance-brand BUSD stablecoin. The PYUSD stablecoin was launched by PayPal during the "crypto winter" and is used for on- and off-platform transactions. Some observers have criticized the SEC for "picking winners" in the crypto industry, as the Howey Test's vagueness could potentially classify anything that leads to profit as a securities offering.

On November 2nd, Stuart Alderoty, Ripple's Chief Legal Officer, expressed reservations about the series of legal failures that the SEC suffered during Gary Gensler's tenure. Stuart stated that "another court found the SEC to be arbitrary and capricious once again" and expressed concern about the SEC's repeated arbitrary and capricious actions in court cases. Previously, in July 2023, the SEC lost a lawsuit against Ripple over XRP in the Fifth Circuit Court of Appeals.

On November 1, New York judge Martin Glenn urged the US Securities and Exchange Commission (SEC) to decide quickly whether to authorize the transformation plan of cryptocurrency lending company Celsius Network LLC, which is undergoing bankruptcy proceedings. Judge Glenn said he will make a ruling on Celsius' proposal as soon as possible. However, even if he approves Celsius' transformation plan, the company and its creditors still need SEC approval. If Celsius' exit from Chapter 11 fails, the company may be liquidated.