PANews reported on November 5 that according to CoinDesk, the legal team of Binance and its founder Zhao Changpeng (CZ) filed a motion on November 4 to dismiss the revised lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The legal team accused the SEC of lacking clarity in its regulatory standards for crypto assets, and believed that the SEC failed to clearly define which crypto asset transactions constituted "investment contracts."

The lawyers stated in the document that the SEC insists on treating almost all transactions involving crypto assets as securities transactions, even blind resales in the secondary market, because some buyers may expect asset appreciation. At the same time, the lawyers pointed out that the SEC's regulatory standards on assets such as Ethereum are arbitrary, and recently withdrew its claim that Ethereum transactions are investment contracts without reason. The lawsuit is unrelated to the U.S. Department of Justice's criminal charges against Zhao Changpeng and Binance, which pleaded guilty to violating anti-money laundering and sanctions regulations in 2023 and paid a $4.3 billion fine.