Binance class-action lawsuit dismissal reversed by appeals court

The United States appeals court declared that the rationale given by the district court for dismissing the lawsuit against crypto exchange Binance was "erroneous."
A United States appeals court has overturned a ruling that dismissed a class-action lawsuit led by investors against cryptocurrency exchange Binance.
According to a filing on March 8 with the United States Court of Appeals for the Second Circuit, a ruling by the district court, which dismissed investors' claims of transparency issues in Binance's sale of alleged securities, has been overturned in favor of the investors.
“We hold that each of the district court’s bases for dismissing Plaintiffs’ claims that are before us on appeal was erroneous,” the filing stated.

Another presentation point relates to Coinbase’s surveillance-sharing agreement with the Chicago Mercantile Exchange (CME). The mechanism was implemented for Bitcoin ETFs at the request of the SEC to improve trading monitoring.
Coinbase also emphasized the correlation between Ether futures and spot markets, similar to the Bitcoin market, noted Nate Geraci of ETF Store on X. “Add-in that SEC approved CME-traded Ether futures ETFs and I’m not sure what grounds for disapproval of spot Ether ETFs would be.”
Grayscale is also proposing a second ETF for Ether futures trading. The main difference between spot and futures markets is that spot market assets are traded immediately, whereas, in the futures market, contracts are made to buy or sell assets at a future date for a specific price.
Some analysts have suggested that Grayscale may be using its futures ETF application as a “trojan horse” to corner the SEC into approving its spot Ether ETF.
Several asset managers, including Invesco, Galaxy Digital, Fidelity, Franklin Templeton and BlackRock, are seeking the green light for a spot Ether ETF. Final deadlines for an SEC decision are expected in May.
Bloomberg’s Eric Balchunas believes asset managers are still in the dark about regulators’ views on the crypto investment vehicle. “Normally I’d say this was [a] good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on BTC ETFs,” Balchunas said.