Paradigm says SEC is trying to change the law with case against Binance

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  • Gold, silver and fine art can garner value, but that doesn’t mean that selling them constitutes a security, Paradigm wrote in an amicus brief. 

Crypto venture capital firm Paradigm accused the Securities and Exchange Commission of "circumventing the rulemaking process" in a brief filed in the agency's ongoing case against Binance. 

“Here, the SEC is attempting to leverage the disturbing allegations it levies in its complaint to change the law while circumventing the rulemaking process," Paradigm said in a statement on Friday. "The SEC is plainly acting outside the scope of its authority and we oppose this gambit."