Journalist
Posted:
- Binance claimed that the SEC’s moves on digital assets were a mistake.
- BNB fell for the second day in a row, trading around $210.
Binance [BNB] recently challenged the Securities and Exchange Commission’s lawsuit, arguing that it lacks the authority to take legal action.
Read Binance’s [BNB] Price forecast 2023-24
Binance is considering dismissing the SEC’s complaint
The legal dispute between Binance and the Securities and Exchange Commission (SEC) continues, and Binance recently took action to challenge the regulatory body’s authority.
On September 21, Binance, Binance.US and Changpeng Zhao joined submitted a motion to dismiss the SEC’s lawsuit. They argued that the SEC had not provided sufficient evidence to support its claims of various securities-related violations.
Furthermore, they alleged that the SEC was attempting to assert authority over digital assets without clear legislative support from Congress.
The SEC had initially filed a lawsuit against Binance and its affiliates on June 5. The regulatory body alleged that the exchange was engaged in the sale of unregistered securities and was operating unlawfully in the United States.
How did Binance Coin react?
The daily chart for BNB indicated that it was not reacting positively to the stock market’s recent development. Instead, it continued its ongoing downward trend.
On September 21, when Binance made its legal move, the value of BNB fell by more than 1.6%, trading at $210.8. At the time of writing, the company was experiencing a slight loss of less than 1%, hovering around $210.7.
Source: TradingView
Furthermore, the chart showed that BNB has spent a significant amount of time below the neutral line of its Relative Strength Index (RSI) since the May decline.
At the time of writing, the RSI remained below the neutral line, indicating a continued bearish trend. Furthermore, the short-term moving average (represented by the yellow line) acted as immediate resistance, located around the $220 price level.
TVL and volume decrease slightly
Although it has nothing to do with the recent legal developments, it is worth noting that trading volume on the Binance chain has decreased in recent days.
How much are 1,10,100 BNBs worth today?
A look at the volume chart on DefiLlama revealed that trading volume had dropped from about $300 million to about $180 million. At the time of writing, volume was approximately $182 million.
Another measure that has seen a slight decline is the Total Value Locked (TVL). At the time of writing, TVL stood at $2.8 billion, down from more than $2.8 billion a day earlier.