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Former US SEC Enforcement Division Chief John Reed Stark said the US Securities and Exchange (SEC) and Binance case is a Muhammad Ali-Joe Frazier Redux.
The SEC has been investigating and preparing to bring an enforcement action against the crypto exchange Binance. In fact, CoinGape Media reported on May 8 that US SEC was close to taking enforcement action against Binance and CEO “CZ”. Also, the US Dept. of Justice (DOJ) could also be part of investigations against Binance after the SEC lawsuit.
Former SEC Chief Predicts Who Wins in the SEC v. Binance Suit
The US SEC trial team is top-notch but Binance has hired some of the best SEC enforcement defense attorneys to challenge the SEC, former SEC Chief John Reed Stark said on June 6.
Former US DOJ civil prosecutor Matthew Scarlato, former US DOJ criminal fraud prosecutor Jennifer Farer, former litigation partner at King & Spalding J. Emmett Murphy to represent US SEC.
Meanwhile, Binance has been preparing for the SEC action and hired some lawyers, some of them are former SEC officials. Crypto exchange Binance is represented by Richard Grime of Gibson Dunn & Crutcher LLP, who is former US SEC Enforcement Division Assistant Director.
Binance CEO “CZ” represented by Douglas Yatter, Benjamin Naftalis, William R. Baker, and Eric Volkman of Latham & Watkins LLP. Baker is also a former US SEC Enforcement Division Associate Director.
BAM Trading, which operates as Binance.US, has hired Bill McLucas, who is a legendary former US SEC Director of Enforcement.
John Reed Stark asserts Baker, Grime, and McLucas “are not only as good as it gets but they are also extraordinarily well-respected attorneys who have earned fair, honest and tough reputations.” All charge hefty legal fees for expert handling of SEC enforcement actions and investigations. The law firms also have some best legal talent.
Despite Binance having some experts SEC officials on their side, John Reed Stark believes SEC can win the lawsuit. He also revealed that Binance will add a former U.S. Attorney to the team after US DOJ brings charges against Binance.
Also Read: Binance Vs SEC: On-Chain Data Shows Withdrawals Worth $623 Million From Binance
Crypto Market Support Binance
Crypto exchange Binance and CEO “CZ” have received unwavering support from the crypto market. The poll has received nearly 127k votes, with over 85% voting for Binance and just 14% said the US Securities and Exchange Commission (SEC).
Cardano founder Charles Hoskinson and other crypto leaders believe the time has come for the crypto market to unite and stand against the US SEC. The industry needs clarity on crypto regulations and guidelines. Along With BUSD and BNB, the Securities and exchange commission claims SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities.
Also Read: Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023
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