The SEC's lawsuit against Binance continues, with the main Binance exchange having settled for $4.3 billion and former CEO Changpeng Zhao stepping down. However, Binance.US, legally known as BAM Trading Services, is still grappling with the SEC in court. The Washington D.C. court directed the two parties to work together on the discovery process, but the SEC alleges that they have reached an impasse.

The SEC claims that Binance.US provided a scripted tour of its in-house software, which did not offer any real insights into their inner workings. The regulator now doubts that BAM holds exclusive access to private keys. Binance.US denies these allegations, stating that they have provided answers to all of the SEC's requests and have gone above and beyond their obligations as an institution.

BAM requests an end to the discovery process, allowing the court to proceed with a decision regarding its affairs. The ongoing legal battle highlights the importance of regulatory compliance in the DeFi and BRC-20 sectors, as the industry continues to grow and mature.