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V. Securities And Exchange Commission Et Al

The Securities and Exchange Commission has filed a lawsuit against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao for violating federal securities laws. The defendants are accused of engaging in unregistered offers and sales of crypto asset securities and other investment schemes, soliciting U.S. investors to buy, sell, and trade through unregistered trading platforms available online at Binance.com and Binance.US. The lawsuit alleges that the defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes, and have made misrepresentations to investors about controls they claimed to have implemented on the Binance.US Platform, which were in fact virtually non-existent. The lawsuit seeks permanent injunctions, disgorgement of ill-gotten gains, civil money penalties, and other equitable relief. The lawsuit highlights the importance of oversight over the national securities markets to protect interstate commerce, the national credit, the Federal taxing power, the national banking system, and fair and honest markets.

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X Social Media, LLC v. X Corp.

Improved Summary: X Corp, previously known as Twitter and currently under the ownership of Elon Musk, faces a lawsuit from X Social Media, a legal-marketing firm. The Florida-based agency, renowned for its expertise in mass-tort litigation, argues that X Corp's rebranding, which includes the use of "X", could lead to consumer confusion. X Social Media, which has held the trademark for its name since 2016, asserts that this rebranding has negatively impacted its revenue. The firm is not only seeking a court injunction to prohibit X Corp from using the "X" in its name but also demands unspecified financial compensation for the alleged damages.