Who Will Win, US SEC Or Crypto Giant Binance?
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
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
