Paradigm accuses the SEC of not following rule-making procedures in the Binance lawsuit

ChainCatcher news, according to Cointelegraph, venture capital firm Paradigm criticized the U.S. SEC for bypassing standard rule-making procedures in its current legal action against cryptocurrency exchange Binance. In a statement released on Friday, September 29, Paradigm stated that the SEC is attempting to change the law through the allegations in its complaint without adhering to established rule-making procedures. Paradigm firmly believes that the SEC has exceeded its regulatory boundaries and expressed strong opposition to this strategy. Additionally, Paradigm emphasized concerns regarding the SEC's application of the Howey test.