Binance’s defense against SEC could be aided by Mango Markets case
Binance could strengthen its defense against the US Securities and Exchange Commission (SEC) by drawing on an unrelated case.
On April 26, Binance and related parties filed a government document from an unrelated case against Mango Markets exploiter Abraham Eisenberg, who was convicted by a jury on April 18.
The government’s argument
Binance’s defense team drew attention to a specific paragraph in which the US government expressed its position on whether a particular stablecoin, USDC, is a security.
On behalf of the US government, attorney Damian Williams stated that there “is no factual basis for treating USDC as a security,” adding that “holders of USDC do not expect profits from the token” because of its ties to the US dollar.
The argument closed off a possible exception that would prevent classifying MGNO Perpetuals, which are based on the value…
